Mark Cuban Joins Calls Against Anti-Crypto Biden Administration, Slams the SEC 

On May 11, the American businessman and TV personality said that if Joe Biden loses the presidential election, “there's a good chance you can thank Gary Gensler and the SEC.”

“Cryptocurrencies are a mainstay for younger, independent voters,” he said, before adding that SEC Chairman Gensler “did not protect a single investor from fraud.”

The outspoken entrepreneur didn't stop there, adding that all the SEC did was make it nearly impossible for cryptocurrency companies to operate in the United States, “killing who knows how many companies and destroying who knows how many entrepreneurs.”

if @JoeBiden Lose, there's a good chance you'll be able to thank @Gary Gensler And the @NewYork_SEC
Cryptocurrencies are a mainstay for younger, independent voters. Gensler has not protected any investor against fraud

All he did was make it almost impossible… https://t.co/uBKupxLhS9

– Mark Cuban (@mccuban) May 10, 2024

Biden's war on cryptocurrencies angers rivals

The comments came in response to a May 10 Politico article Reports preparation Donald Trump has become the first major party presidential nominee to openly flirt with the cryptocurrency community.

Trump told his supporters this week that they should vote for him because of the way the Biden administration has cracked down on the cryptocurrency industry.

“President Trump’s statements signal a radical change in the importance of digital assets in this election cycle,” said Christine Smith, CEO of the Blockchain Association.

Cuban, who criticized the SEC in 2023, continued his warning to Congress, saying crypto voters will be heard in this election. He suggested that passing legislation specific to cryptocurrency companies and the asset class could solve Biden's problem, before adding:

“Or you can do the better option and set all cryptocurrencies to be regulated by the CFTC (Commodity Futures Trading Commission).”

Bitcoin ecologist Daniel Batten agreed with Cuban, comment:

“Joe Biden may be the first politician in the world to lose an election due to his party's open hostility toward Bitcoin, and his colleagues' leniency in spreading misinformation about Bitcoin.”

Cuban wasn't the only person to criticize the Biden administration this week. Cardano founder, Charles Hoskinson, criticized the White House in a video On the 10th of May 9.

“A vote for Biden is a vote against the US cryptocurrency industry,” Hoskinson said, adding that the Biden administration is actively trying to “destroy the US cryptocurrency industry.”

others, Included Ethereum advocate Ryan Shawn Adams, and creator of the stock-to-flow model “PlanB,” has joined the calls against the anti-crypto administration.

Biden hates cryptocurrencies
Biden hates the unvaccinated

– 40% of adults in the United States own cryptocurrencies
– 20% have not been vaccinated in the United States

If Trump embraces cryptocurrencies and restores basic human rights (informed consent, bodily integrity, freedom of expression) he will receive 50% of the vote and win the November 24 election! pic.twitter.com/sC7BvYOn1y

– Plan B (@100 trillion USD) May 9, 2024

Anti-cryptocurrency campaign escalates

Biden's war on cryptocurrencies has escalated in recent weeks. The SEC is now targeting major trading companies, such as Robinhood, which received a threat of enforcement action over its cryptocurrency business this month.

Additionally, Biden's office said he would veto legislation that seeks to overturn SEC guidelines that discourage banks from holding cryptocurrency assets.

Cynthia Lummis, a pro-crypto senator, responded to Biden's threat to ban banks from holding cryptocurrencies for their customers, saying: “We will not allow the administration to regulate financial freedom tools out of existence.”