US presidential candidates are actively seeking support from crypto voters as the elections draw near. The Biden administration recently made a significant shift in its stance on digital assets, a move perceived to be influenced by Republican Candidate Donald Trump's endorsement of cryptocurrencies during his campaign.

Billionaire Mark Cuban has expressed concerns that the Securities and Exchange Commission (SEC)'s crackdown on the crypto industry could potentially harm President Joe Biden's chances of reelection.

During Coinbase's State of Crypto Summit 2024, Cuban criticized SEC Chairman Gary Gensler for the Commission's regulatory approach towards cryptocurrencies. He emphasized the challenges faced by American crypto companies due to what he referred to as "a uniquely American Gary Gensler Problem."

Cuban has actively engaged with US politicians, including senators, governors, and congress representatives, to address regulatory hurdles impacting the industry. He believes that clear and welcoming legislation is essential to provide regulatory certainty.

Mark Cuban suggested that young voters who are crypto owners could significantly influence the upcoming presidential elections. He warned that Gensler's regulatory actions, which he perceives as detrimental to the industry, might potentially cost Biden his reelection bid.

Criticism towards Gensler's policies extended beyond Cuban, with others in the crypto industry expressing discontent. Coinbase's Chief Legal Officer, Paul Grewal, acknowledged Cuban's criticisms, indicating widespread dissatisfaction with current SEC policies.

Republican Senator Bill Hagerty also voiced concerns during a Senate Committee hearing, accusing Gensler of neglecting opportunities to foster innovation within the US crypto sector. Hagerty highlighted the SEC's failure to establish clear regulatory frameworks, contrasting this with proactive measures taken by other countries to support their crypto ecosystems.

Overall, there is a growing sentiment within the crypto community and among political figures that the SEC's current approach under Gensler's leadership could hinder the growth of the US crypto industry and impact Biden's electoral prospects.