Billionaire investor Mark Cuban has intensified his call for regulatory clarity in the cryptocurrency space, advocating for the Commodities Futures Trading Commission (CFTC) to take the helm in overseeing "all crypto." In a bold move, Cuban has also made a final plea to the U.S. Congress to provide definitive guidance for the crypto industry ahead of the 2024 presidential election, suggesting that such clarity could potentially bolster Joe Biden's chances of securing another term in office.

Cuban, with his vast following of 8.8 million on X, emphasized the need for legislation tailored specifically to the crypto sector, akin to regulatory frameworks in other industries. He believes that such targeted registration measures could help alleviate uncertainties surrounding crypto regulations and, in turn, strengthen Biden's electoral prospects.

Expressing concerns over the regulatory stance of the Securities and Exchange Commission (SEC) and its Chair Gary Gensler, known for their stringent approach toward crypto, Cuban hinted at potential repercussions if Biden fails to secure reelection. He suggested that crypto voters, a significant demographic in the upcoming election, may hold Gensler and the SEC accountable for any adverse outcomes.

Highlighting Gensler's perceived failure to safeguard investors against fraud, Cuban echoed sentiments echoed by other crypto leaders, lamenting the SEC's purported obstruction of legitimate crypto operations within the U.S. In 2023 alone, the SEC initiated 46 enforcement actions against crypto firms, exacerbating tensions within the industry.

Meanwhile, CFTC Chair Rostin Behnam anticipates another wave of enforcement actions targeting the crypto sector in the coming months, underscoring the regulatory uncertainty prevailing in the industry.

As the November 5 election draws nearer, crypto emerges as a pivotal issue for many voters across the United States. A recent online poll revealed widespread sentiment among registered voters that crypto is perceived as a more equitable alternative to the traditional financial system.

The Biden administration's handling of crypto-related matters has come under intense scrutiny, with figures like Cardano founder Charles Hoskinson accusing the administration of undermining the American cryptocurrency industry. Biden's stance on SEC guidelines discouraging banks from holding crypto assets in custody has only served to escalate tensions within the crypto community, further complicating the regulatory landscape ahead of the election.