Mark Cuban says cryptocurrency is a key issue in the US election: Biden could lose due to the SEC

Billionaire Mark Cuban stated on social media platform X on Sunday that cryptocurrency will play a significant role in the 2024 presidential election, and Biden must choose between supporting the U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler and the cryptocurrency community, or risk losing the White House.

Mark Cuban: Cryptocurrency is a Major Election Issue

In a response to a conversation with a netizen, Mark Cuban emphasized that cryptocurrency will play a significant role in this year's presidential election, and the two most prominent presidential candidates seem to underestimate the importance of this issue.

He also questioned the understanding of the current two U.S. presidential candidates on cryptocurrency, stating that Trump will only sell his NFTs, which does not mean he understands cryptocurrency:

I have said many times, Biden must choose between Gensler and the cryptocurrency voters, or he may lose the White House.

He also mentioned that "Cryptocurrency voters will be the key difference in the votes between Biden and Trump."

Currently, after Trump expressed strong support for cryptocurrency, the previously conservative Biden has gradually changed his stance, speculating that he may have intervened in the Ethereum spot ETF.

The Block: Ethereum spot ETF becomes a political chip, SEC is like rushing a paper the night before the deadline

Gary Gensler May Cause Biden to Lose the Election

Just last month, Cuban also criticized SEC Chairman Gary Gensler while expressing a similar stance, claiming that cryptocurrency will play a significant role in the 2024 U.S. election.

He emphasized that Gensler did not protect investors from fraud but made it almost impossible for cryptocurrency companies to operate normally:

If Biden loses, you can blame Gary Gensler and the SEC, as cryptocurrency is already a pillar for some young voters.

He also added, "This is also a warning to Congress. You can help Biden solve this problem by setting industry standards or handing over regulatory authority to the CFTC."

It is reported that this is not the first time Mark Cuban has publicly criticized the SEC. He also submitted a joint amicus brief last October, condemning the SEC for conducting trials without a jury, which he believes is unconstitutional and violates the rights of the defendants.

Musk and Cuban submit joint amicus brief, condemning SEC for bypassing jury system

Biden Still Actively Defends SEC's Authority

However, based on Biden's attitude of vetoing the repeal of the anti-crypto rule SAB121 last week, it is evident that Biden still actively defends the SEC's authority.

Biden exercises presidential veto power! Prevent congressional expansion of SEC's powers: Upholding SAB 121 accounting principles can protect investors

Previously, the U.S. House of Representatives passed the "21st Century Financial Innovation and Technology Act FIT21," aimed at clarifying the regulatory responsibilities of the SEC and CFTC in digital assets. The actions that Biden and the SEC will take as opponents of this bill are also closely watched.

Escaping SEC regulation is key! What are the conditions for defining "decentralized networks" in the FIT21 bill? The public chain killer is coming