Billionaire Mark Cuban has lashed out at SEC Chair Gary Gensler, accusing him of failing to protect investors and stifling legitimate crypto businesses. In a social media post, Cuban warned that crypto voters will play a significant role in the 2024 election and could potentially sway the outcome. He criticized Gensler for not providing clear guidelines for the crypto industry, instead making it difficult for companies to operate.

Cuban urged Congress to take action and pass legislation that defines registration specific to the crypto industry, similar to other industries.

Alternatively, he suggested assigning the Commodity Futures Trading Commission (CFTC) to regulate crypto. A recent poll found that 51% of crypto voters prefer Donald Trump as president, while 41% support Joe Biden. However, 46% would vote for Democrats in Congress, and 42% for Republicans.

Trump has announced his acceptance of cryptocurrency donations for his campaign, and memecoins inspired by him and Joe Biden have seen significant gains.

Gensler has expressed concerns about the risks and volatility of cryptocurrencies, but Cuban argues that his approach has harmed the industry. With crypto voters poised to make their voices heard in the 2024 election, it remains to be seen how this will impact the political landscape.