Billionaire investor Mark Cuban recently expressed apprehension regarding the Securities and Exchange Commission’s (SEC) increasing scrutiny of the cryptocurrency sector.
Cuban took to social media on May 10 to express concerns, hinting that the SEC’s stance against cryptocurrencies might affect President Joe Biden’s bid for reelection.
Mark Cuban Highlights Crypto’s Critical Role in Forthcoming Election
The billionaire believes the emerging industry would be critical in the forthcoming election because “crypto is a mainstay with younger and independent voters.”
Cuban criticized SEC Chair Gary Gensler for failing to safeguard investors against fraud. He argued that Gensler’s stringent policies impede legitimate crypto ventures and damage numerous businesses and entrepreneurs.
The Dallas Mavericks owner suggested that the SEC and Gensler’s anti-crypto stance should be blamed if President Biden fails to secure reelection. So, he proposed that all crypto activities be regulated by the Commodity Futures Trading Commission (CFTC).
“This is also a warning to Congress. 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,” Cuban added.
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With the US election slated for November 5, crypto has become a significant concern for most of the electorate. Recent polling showed that crypto voters preferred Trump over Biden. This highlights the sway of each candidate’s stance on crypto regulation.
At a recent event, Trump endorsed cryptocurrencies and revealed intentions to accept digital asset donations for his reelection campaign. He also stressed the urgency of fostering more conducive regulatory policies for the crypto sphere.
Conversely, President Biden’s administration signaled its intent to veto any legislation seeking to overturn the SEC’s Staff Accounting Bulletin 121 (SAB 121), a legislation many in the sector view negatively. However, the Biden administration asserted that a reversal would impede the SEC’s ability to safeguard crypto investors.
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Indeed, these actions have alienated crypto stakeholders who perceive them as detrimental to Biden’s reelection prospects.
“Imagine risking losing control of the most powerful nation in human history [because you allowed] a rogue regulator try to outlaw ‘internet money,’ which 40% of the adults in your country already owns. And the regulator is going to lose in court anyway,” Uniswap creator Hayden Adams wrote.
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