Billionaire Shark Mark Cuban Warns The SEC's Anti-Crypto Stance Could Cost Biden The Election

Known for his many business ventures, Mark Cuban has also been a long-term investor in crypto, specifically taking large positions in Ethereum (ETH), Polygon (MATIC), and NFTs. These investments have signaled his openness and support for crypto. He recently shared his thoughts on the current state of cryptocurrency as it relates to regulation.

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"If @joebiden loses, there is a good chance you will be able to thank @GaryGensler and the @NewYork_SEC. Crypto is a mainstay with younger and independent voters. Gensler HAS NOT PROTECTED A SINGLE INVESTOR AGAINST FRAUD. 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," Cuban posted on X. 

Cuban is referring to the different ways in which he believes that the SEC chair, Gary Gensler, has prevented crypto adoption in the U.S. According to Cuban, Gensler is operating under the guise of preventing fraud and allowing Americans to access trustworthy investments but instead has created an environment where it is hard to create a crypto business that complies with the many SEC regulations.

One comment noted that the SEC is simply attempting to take precautions against pump-and-dump and other fraudulent activities. Cuban responded, saying, "Now compare it to OTC and Pink Sheets in today's US market. Even with the relatively new regs, it's a cesspool. And remember our SEC lets billions and billions of shares in bankrupt companies trade all the time."

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Essentially, Cuban is noting that the SEC may have a double standard when it comes to some penny stocks and bankrupt companies, as it allows those to trade while crypto is subject to much more scrutiny. 

"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. Or you could do the better option and assign all crypto to be regulated by the @CFTC," Cuban also added.

As the presidential election continues to heat up, cryptocurrency emerges as a dark-horse issue that could influence the votes of some in the crypto community. According to Cuban, the Biden administration, potentially through Gary Gensler, is failing to appeal to these voters, which could cost them the election. 

It is also noteworthy that Trump has recently expressed support for crypto at an NFT event, stating, "a lot of people are very much for it…and I’m fine with it. I want to make sure it’s good and solid…but I’m good with it. If you like crypto in any form, and it comes in a lot of different forms, you better vote for Trump." 

Will crypto be a deciding factor in the upcoming election? It may not be a huge issue for many Americans, but it could impact the votes of crypto enthusiasts. 

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