Crypto advocate Mark Cuban has responded to former 2024 Republican presidential contender Donald Trump's newfound interest in cryptocurrencies, foreseeing their significant impact on the forthcoming 2024 election.
Crypto advocate Mark Cuban challenges the SEC ahead of the 2024 election
Mark Cuban raised concerns on social media about the growing hostility towards the cryptocurrency industry in the US, warning that it could impede its growth and damage the country's global image.
He accused SEC Chairman Gary Gensler of neglecting investor protection and obstructing legitimate crypto businesses, urging Congress to consider the growing influence of crypto voters in the upcoming election. Cuban echoed sentiments of other crypto leaders, criticizing Gensler's regulatory approach for stifling innovation and pushing legitimate companies away from the US market.
Cuban proposed that the CFTC take charge of regulating all crypto activities to offer clarity and support to the industry.
Cuban calls on Congress to take action for clearer regulations in the crypto industry
Trump has declared his openness to receiving cryptocurrency contributions for his campaign, as memecoins based on him and President Biden experienced a rise in value on May 9.
President Biden's recent opposition to crypto-supportive actions, such as vetoing a resolution aimed at overturning SEC cryptocurrency accounting guidelines, has widened the gap with crypto voters. This divide is reflected in polling, with most crypto voters favoring Trump due to his favorable stance on cryptocurrencies.
May 2024, Cryptoniteuae