TLDR
- Mark Cuban believes crypto voters could sway the 2024 U.S. presidential election, stating that Biden must choose between SEC Chair Gary Gensler or risk losing the crypto vote.
- Former President Donald Trump has intensified his pro-crypto stance, declaring he would be the “crypto president” if elected in 2024.
- Qatar has launched the first phase of a central bank digital currency (CBDC) project focused on large bank settlements.
- Worldcoin has suspended operations in Spain due to a data protection investigation until late 2024.
- The United Arab Emirates has approved a new system to license and oversee dirham-backed stablecoins.
Cryptocurrency is shaping up to be a pivotal issue in the upcoming 2024 United States presidential election.
Billionaire Mark Cuban emphasized the importance of the crypto vote, stating that President Joe Biden must choose between keeping SEC Chair Gary Gensler, who Cuban argues has stifled the crypto industry, or risk losing crypto voters which could cost Biden the White House.
Do you really think he understands anything about crypto? Beyond saying he made money selling NFTs?
Neither of them does.
And I have said many times that Biden has to choose between Gensler or crypto voters or it could cost him the Whitehouse
— Mark Cuban (@mcuban) June 9, 2024
Cuban’s comments come as former President Donald Trump has amplified his pro-crypto rhetoric on the campaign trail.
At a recent fundraising event, Trump declared he would be the “crypto president” if elected, vowing to push for crypto-friendly policies in contrast to anticipated harsh regulations from Democrats.
While the jury is still out on the candidates’ true crypto expertise, the political battle lines are being drawn.
Crypto firms like Coinbase have donated tens of millions to crypto-focused super PACs to ramp up lobbying efforts. Some experts believe a regulatory shift favoring crypto is already underway in Washington.
The crypto conversation extends well beyond the U.S. The Qatar Central Bank recently launched the infrastructure for an experimental central bank digital currency (CBDC) aimed at improving large bank settlements.
Few details were provided, but the project leverages blockchain technology and runs through October.
Qatar’s CBDC efforts follow the United Arab Emirates approving a new licensing system for dirham-backed stablecoins earlier this year.
The framework clarifies issuance and oversight to boost digital transactions and innovation within the country’s broader digital economy initiatives.
The company behind the Worldcoin identification network has suspended Spanish operations until late 2024 amid an ongoing data protection investigation. German authorities are also probing Worldcoin over its handling of user data.
As the 2024 U.S. election cycle heats up, crypto policies and regulation remain a key battleground between Republicans portraying themselves as pro-innovation and Democrats aiming to implement tighter oversight of digital assets.
Internationally, some nations are embracing crypto and blockchain-based CBDCs, while others apply scrutiny over privacy issues.
