Billionaire investor Mark Cuban believes the Biden administration’s approach to cryptocurrency cost Democrats support from young male voters in the 2024 election.
He made the case in a series of posts on the social platform Bluesky, pointing the finger at SEC Chair Gary Gensler.
Cuban argued that if President Joe Biden had supported crypto through regulation instead of litigation, it would have benefited younger investors financially and politically.
“If Biden would have approached crypto this way, via regulation instead of litigation, young men would have seen their net worths skyrocket, and voted for Harris,” Cuban wrote. “Garry Gensler is why Harris lost young men and the election.”
He later added, “Young men don’t open bank accounts. They are too expensive. They download Coinbase or Robinhood app and buy crypto. That’s their savings. If one party pushes that number higher, they vote for ’em. Gensler/Biden caused those savings to go down.”
Cuban also cited data from Pew Research, pointing out that 42% of men ages 18 to 29 have invested in, traded or used cryptocurrency, compared to just 17% of women in that age range.
His claims were met with sharp criticism from users on Bluesky. One replied, “Are you high right now?” while another called it “the dumbest thing I’ve ever seen him say.”
New SEC Chair Takes a Different Approach
Cuban linked to a Bitcoin News article highlighting a shift in tone from Acting SEC Chair Mark T. Uyeda. During a March 21 roundtable in Washington, D.C., Uyeda said the Commission should rely on rulemaking, not enforcement, when regulating crypto.
“This approach of using notice-and-comment rulemaking or explaining the Commission’s thought process through releases — rather than through enforcement actions — should have been considered for classifying crypto assets under the federal securities laws,” Uyeda said.
He also noted that court decisions have been inconsistent when interpreting what qualifies as a security in the crypto space.
Uyeda emphasized the importance of clarity, saying that in the past, the SEC stepped in to offer guidance when judicial opinions created uncertainty.
For Cuban, the timing of this policy shift only underscores his point. In his view, the Biden administration’s prior strategy damaged young investors and may have hurt the party at the polls.
“The demo with the biggest change was young men,” Cuban said.