Mark Cuban slams SEC's Gary Gensler, says 'crypto voters will be heard' in the 2024 election

Billionaire Mark Cuban responded to former 2024 Republican presidential candidate Donald Trump's courting of crypto in a Friday social media post, claiming that crypto will play a large role in the 2024 election.

"If Joe Biden loses, there is a good chance you will be able to thank Gary Gensler and the SEC," Cuban wrote on the social media platform X. "Crypto is a mainstay with younger and independent voters."

Cuban added that the Securities and Commission Chair Gary Gensler failed to properly protect investors against fraud, saying, "All he has done is make it nearly impossible for legitimate crypto companies to operate, killing who knows how many businesses and ruining who knows how many entrepreneurs."

"This is also a warning to Congress," Cuban continued. "Crypto voters will be heard this election. You could solve this problem for Biden by passing legislation that defines registration that is specific to the crypto industry just as other industries have registration that is defined for them. Or you could do the better option and assign all crypto to be regulated by the CFTC."

Mark Cuban is an American entrepreneur and owner of the National Basketball Association league Dallas Mavericks. 

Crypto in the election

A January 2024 poll found that 51% of crypto voters would select Trump as U.S. president, with 41% opting for Biden. However, 46% said they would vote for Democrats in the Senate and House, while 42% would choose Republicans in Congress. Nine percent of these voters were undecided. 

Trump said that he would accept cryptocurrency donations for his presidential campaign. Additionally, memecoins inspired by Trump and current US president Joe Biden rallied 44% and 22%, respectively, on May 9, The Block previously reported. 

Gensler has held the view that cryptocurrencies are a risky and volatile asset, stating in March that the "crypto markets could use a little disinfectant."