In a recent tweet, billionaire Mark Cuban joined a choir of critics of the US Securities and Exchange Commission (SEC) and the Former SEC attorney John Reed Stark has been slammed by the “Shark Tank” host for having “absolutely no knowledge of crypto.”
On Friday, XRP holders protested the SEC’s lawsuit against Ripple a distributed ledger technology startup, outside the SEC’s headquarters in Washington, D.C and they want the regulator to end its “war on crypto” and look into the apparent conflict of interest of former chairman Jay Clayton.
Mark Cuban sayings in respect of crypto
Crypto, according to Cuban, will continue to benefit entrepreneurs more than regulators. Cuban’s transformation from sceptic to crypto supporter has been remarkable. For example, he stated in December that bananas were more useful than Bitcoin because they contain potassium but he’s now described a slew of crypto applications.
Watching @cnbc and the guest who used to work at the SEC has absolutely no understanding of crypto. Says there is zero utility. One certainty is crypto will continue to positively impact business more than the SEC. I’m happy to educate him on the applications we are developing
— Mark Cuban (@mcuban) June 3, 2021
He said that “Weather insurance. Money transfer. Provenance for digital files. Marketplace efficiency for digital content. Personal banking. Prediction markets. Non-fractionalized banking. Structured financial products. Fractionalization of assets. Gaming rewards. Soon ticketing”.
Stark stated earlier today that neither Bitcoin nor any other cryptocurrency has any utility. The volatility is amazing, as is the fact that Bitcoin and other cryptocurrencies have no utility. The only reason people own is in the hopes that it will increase in value because it will be purchased by someone else, added stark.
Cuban isn’t the only one in the crypto world who criticizes the SEC. After obtaining a $20 million penalty in his securities fraud case, Tesla CEO Elon Musk had the most public feud with the government regulator, alleging that he did not respect it in a 2018 “60 Minutes” interview.
The XRP army went to considerable measures to oppose the SEC, from bombarding the agency’s random tweets with hostile remarks to mounting a protest outside its Washington, D.C. offices.
The Army also filed a Change.org request with the SEC lately, but the government agency simply responded with a pre-programmed response, and with their move to mediate, digital currency holders are attempting to embed themselves into the Ripple claim as well.