Billionaire investor and celebrity Mark Cuban suggests that the U.S. Securities and Exchange Commission’s (SEC) aggressive stance on cryptocurrency could hinder President Joe Biden’s chances of being re-elected. In a recent interview with Coinbase’s chief legal officer, Paul Grewal, Cuban highlights the unique challenges faced by the U.S. crypto community due to SEC Chairman Gary Gensler’s position on crypto. He argues that unlike other jurisdictions such as Singapore and Japan, the U.S. has a specific problem with Gensler. Cuban believes that regulatory issues contribute to the thriving of illicit activities in the crypto space. He warns that if Biden does not take steps to make crypto registration easier, he may lose support from younger generations who own significant amounts of cryptocurrency and who may be influenced by scam coins. Cuban suggests that this could have consequences for Biden’s political career and his chances of winning a second term in the White House.
