Famed billionaire investor Mark Cuban says the U.S. Securities and Exchange Commission’s (SEC) hostile approach to crypto could be a detriment to President Joe Biden’s bid for re-election.
In a new interview with Coinbase Chief Legal Officer Paul Grewal, Cuban says the U.S. crypto community is facing problems that don’t exist in other jurisdictions because of SEC Chairman Gary Gensler’s stance on crypto.
‘Gensler is suing everyone. The problem isn’t that all entrepreneurs are trying to run their businesses because they’ve tried, myself included. 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 a uniquely American Gary Gensler problem.”
Cuban says illegal activities in crypto continue to flourish due to regulatory issues. He says the upcoming presidential election could be a payback that could cost Biden a second term in the White House.
“If he has a political career in mind, he’s done and he could literally cost Joe Biden the election because there are a lot of Gen Z, Gen to register, it makes it easier for all scam coins to exist.”
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