Billionaire investor Mark Cuban said cryptocurrencies will play an important role in this year's US presidential election. Joe Biden's close relationship with the US Securities and Exchange Commission (SEC) could disadvantage him in the elections.
Cuban, the former owner of the Dallas Mavericks, thinks that Biden and former president Donald Trump do not fully understand cryptocurrencies, but argues that cryptocurrencies will have a critical impact on the elections. “I've said repeatedly that Biden has to choose between SEC Chairman Gensler and crypto voters, otherwise it could cost him the White House,” Cuban said.
Cuban accused SEC Chairman Gensler of failing to protect cryptocurrency investors and making it nearly impossible for cryptocurrency firms to operate. “The voice of crypto voters will be heard in this election,” Cuban said on May 10. Gensler, on the other hand, opposed the Financial Innovation and Technology for the 21st Century Act (FIT21), which aims to eliminate legal uncertainties in the cryptocurrency sector, saying that this law will create new legal loopholes.
