Billionaire entrepreneur Mark Cuban has added to the growing discontent among the crypto community over the Biden administration’s industry crackdown.
On May 11, the American businessman and television personality said if Joe Biden loses the presidential election, “there is a good chance you will be able to thank Gary Gensler and the SEC (Securities and Exchange Commission).”
“Crypto is a mainstay with younger and independent voters,” he said before adding that SEC Chair Gensler “has not protected a single investor against fraud.”
The outspoken entrepreneur didn’t stop there, adding that all the SEC has done is make it virtually impossible for crypto companies to operate in the United States, “killing who knows how many businesses and ruining who knows how many entrepreneurs.”
Biden’s War On Crypto Riles Rivals
The comments came in response to a May 10 Politico article reporting that Donald Trump has become the first major party presidential nominee to overtly court the crypto community.
Trump told supporters this week that they should vote for him because of the way the Biden administration has cracked down on the crypto industry.
Kristin Smith, CEO of the Blockchain Association, said, “President Trump’s remarks signal a sea change in the importance of digital assets this election cycle,”
Cuban, who castigated the SEC in 2023, continued with a warning to Congress stating that crypto voters will be heard this election. He suggested that passing legislation specifically for crypto companies and the asset class could solve the problem for Biden before adding:
“Or you could do the better option and assign all crypto to be regulated by the CFTC (Commodity Futures Trading Commission).”
Bitcoin environmentalist Daniel Batten agreed with Cuban, commenting:
“Joe Biden could well be the world’s first politician to lose an election due to his party’s open hostility towards Bitcoin, and indulgence of colleagues spreading misinformation about Bitcoin.”
Cuban wasn’t the only one lashing out at the Biden administration this week. Cardano founder Charles Hoskinson lambasted the White House in a video on X on May 9.
“A vote for Biden is a vote against the American cryptocurrency industry,” said Hoskinson, who added that the Biden administration is actively trying to “destroy the American cryptocurrency industry.”
Others, including Ethereum advocate Ryan Sean Adams and Stock-to-flow model creator “PlanB”, joined the calls against the anti-crypto administration.
Crypto Crackdown Escalates
Biden’s war on crypto has escalated in recent weeks. The SEC is now targeting larger trading companies, such as Robinhood, which received a threat of enforcement action over its crypto business this month.
Additionally, Biden’s office said it would veto legislation seeking to overturn SEC guidelines that discourage banks from holding crypto assets in custody.
Pro-crypto Senator Cynthia Lummis reacted to Biden’s threat to ban banks from holding crypto for their customers, stating, “We will not allow the administration to regulate tools for financial freedom out of existence.”