The SEC has been dealing with many backlashes, particularly concerning its lawsuit against Ripple. This list seemed to have extended as billionaire and Shark Tank host, Mark Cuban joins the XRP army in criticizing the financial watchdog.
The Securities and Exchange Commission [SEC] of the US waged a war against Ripple for selling unregistered securities. While several were hoping that the financial watchdog would settle, the financial regulator did not hold back. As the regulator continues to fight against Ripple, the XRP army expresses immense rage over the same. Just a couple of days ago, the XRP army protested outside the SEC headquarters. Cuban took to Twitter to exhibit his distress against the financial regulator’s attorney John Reed Stark.
SEC has no understanding of crypto, suggests Cuban
In a recent tweet, billionaire Cuban had no understanding of the crypto-verse. While Stark appeared in a recent CNBC interview, he suggested that cryptocurrencies did not have any utility. He said,
“The volatility is unbelievable, and also (what a lot of people miss) is that there is no utility in Bitcoin or any other crypto. The only reason people own is hoping it will go up because someone else will buy it.”
Cuban has been vocal about his interest in crypto. The billionaire has time and again made news for his inclination towards the digital asset world. Enraged by Reed’s comments, Cuban tweeted,
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
This wasn’t all. One Twitter user went on to ask Musk how crypto was better than any others sector. Replying to the same, Cuban said,
“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.”
As the Ripple vs SEC case persists, the price of XRP seemed to be giving up. The altcoin dropped down below $1 as a result of the crypto carnage. At the time of writing, the altcoin was trading for $0.94 with an 8% drop in the last 24-hours.