Mark Cuban says Trump could beat Biden because of crypto
Quick Take
- Though billionaire Mark Cuban doubted whether either presidential candidate knew much about crypto, he believes crypto will still play a large role in the forthcoming election.
- He added that Biden must choose between Gensler and crypto voters or else lose the White House.
Billionaire Mark Cuban emphasized the role of cryptocurrency in the presidential race, especially in United States President Joe Biden's loyalty to Securities and Exchange Commission Chairman Gary Gensler.
Cuban doubted that Biden or former president Donald Trump understand crypto, even if the latter raised funds selling NFTs. However, Cuban said the crypto vote will be a key distinction between the two in the forthcoming presidential election in November 2024.
"I have said many times that Biden has to choose between Gensler or crypto voters or it could cost him the White House," Cuban said Saturday on the social media platform X, adding, "As far as who will be appointed. I wouldn’t take anything as a given."
When The Block asked Cuban for additional comment, he responded, "Nothing to add."
Mark Cuban slams Gary Gensler
Cuban previously noted that cryptocurrency will play a greater role in the 2024 election, stating that Biden losing the White House would be because of Gensler and the SEC's actions toward the cryptocurrency industry.
Particularly, Cuban said Gensler had not protected investors from fraud and instead made it "nearly impossible" for cryptocurrency firms to function. "Crypto voters will be heard this election," Cuban said on May 10.
Gensler denounced the Financial Innovation and Technology for the 21st Century Act (FIT21), aiming to provide a broad and robust framework for cryptocurrency regulation, as well as placing some crypto regulation under the Commodity Futures Trading Commission (CFTC). Gensler said the bill "would create new regulatory gaps and undermine decades of precedent regarding the oversight of investment contracts, putting investors and capital markets at immeasurable risk."
Biden also openly opposed FIT21 but added that his administration is "eager to work with Congress" on additional digital asset regulatory frameworks. However, the bill passed the United States House of Representatives on May 22.
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