Billionaire entrepreneur Mark Cuban, owner of the Dallas Mavericks NBA team, has raised concerns about the cryptocurrency policies enforced by Gary Gensler, Chair of the U.S. Securities and Exchange Commission (SEC). Cuban voiced his worries on a popular social media platform, warning that Gensler’s regulatory approach to crypto could impact the re-election prospects of President Joe Biden.

Cuban strongly emphasized that Gensler and the SEC's New York office could be held accountable if Biden's chances are diminished in the upcoming November elections. He argued that Gensler's stance on crypto regulations might alienate younger and impartial voters, who are increasingly investing in cryptocurrencies, and accused Gensler of not doing enough to protect these investors from fraudulent activities.

In addition to criticizing Gensler's passive approach to investor protection, Cuban also condemned the regulatory barriers created by Gensler's policies, which he believes hinder the growth of legitimate crypto businesses. He warned that such barriers could lead to the failure of many ventures and discourage entrepreneurs from entering the crypto market.

Cuban urged Congress to recognize the growing importance of the crypto industry as an electoral issue and proposed either establishing a regulatory framework for crypto firms similar to other industries or transferring crypto regulation to the Commodity Futures Trading Commission (CFTC), citing their deeper expertise in the field.

Despite his criticism of the SEC, Cuban remains a supporter of Bitcoin, describing it as a "great store of value" whose worth is determined by the balance of supply and demand.