Regulation
Mark Cuban Warns of Crypto Backlash During Presidential Election
Billionaire investor Mark Cuban recently expressed his apprehensions regarding the Securities and Exchange Commission’s (SEC) growing scrutiny of the cryptocurrency industry.
Cuban expressed his concerns on social media on May 10, hinting that the SEC’s stance against cryptocurrencies could affect the president. Joe Biden’s re-election bid.
Mark Cuban highlights critical role of crypto in upcoming elections
The billionaire believes the emerging industry will be key in the upcoming election because “crypto is a mainstay with younger, independent voters.”
Cuban criticized SEC Chairman Gary Gensler for failing to protect investors from fraud. He argued that Gensler’s Strict Policies Hinder Legitimate Crypto Projects and harm many businesses and entrepreneurs.
Dallas Mavericks owner suggested SEC and Gensler anti-crypto stance should be blamed if President Biden fails to win re-election. He therefore proposed that all cryptographic activities be regulated by the Commodity Futures contracts Trade Commission (CFTC).
“This is also a warning to Congress. Crypto voters will be heard in this election. You could solve this problem for Biden by passing legislation that defines registration specific to the crypto industry, just like other industries have registration defined for them,” Cuban said. added.
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Crypto voter preference between Trump and Biden. Source: Crypto Council for Innovation
With the US elections scheduled for November 5, crypto has become a top concern for most voters. A recent poll showed that crypto voters preferred Trump over Biden. This highlights the influence of each candidate’s position on crypto regulation.
At a recent event, Trump endorsed cryptocurrencies and revealed plans to accept digital asset donations for his re-election campaign. He also highlighted the urgency of fostering regulatory policies more conducive to the crypto sphere.
Conversely, President Biden’s administration signaled his intention to veto any legislation aimed at overturning the SEC’s Staff Accounting Bulletin 121 (SAB 121), legislation that many in the industry view negatively. However, the Biden administration has claimed that a reversal would hamper the SEC’s ability to protect crypto investors.
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Indeed, these actions have alienated crypto players who perceive them as detrimental to Biden’s re-election prospects.
“Imagine risking losing control of the most powerful nation in human history. [because you allowed] a dishonest regulator tries to ban “internet money,” which 40% of adults in your country already have. And the regulator is going to lose in court anyway,” Hayden Adams, creator of Uniswap. wrote.
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