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Billionaire celebrity investor Mark Cuban says the U.S. Securities and Exchange Commission’s (SEC) hostile approach to crypto could be a drawback to President Joe Biden’s bid to be re-elected.
In a new interview with COINBASE chief legal officer Paul Grewal, Cuban the US crypto community is facing problems that do not exist in other jurisdictions because of SEC chairman Gary Gensler’s stance on crypto.
“Gensler’s suing everybody. The problem isn’t all the entrepreneurs trying to run their businesses because they’ve tried, including me. The problem is the registration process. They don’t have this problem in Singapore, they don’t have this problem in Japan, they don’t have this problem in other places. This is uniquely an American Gary Gensler problem.”
Cuban says illicit activities continue to thrive in crypto because of regulatory issues. He says the upcoming presidential election could be payback time, which could cost Biden a second term in the White House.
“If he has a political career in mind, he’s done and he literally could cost Joe Biden the election because there are a whole lot of Gen Z, Gen X, millennials that own a whole lot of crypto and by not making it easy to register, it makes it easier for all the scam coins to exist.”
