Famous Billionaire Mark Cuban Joins The Army Of XRP in Opposing the SEC
What’s going on here? What does this mean? To answer these questions, we must first look at the current situation.
Last week, XRP fell hard by over 10% against the US dollar. This was a dramatic move for the price of XRP, which had been holding its value in the mid-50 range for roughly the last six months. The price drop came as a surprise to many, and was a sign of growing interest in Ripple’s cryptocurrency.
Billionaire Mark Cuban has become one of the most influential advocates for the cryptocurrency XRP, a move that has the SEC very concerned about the future of the digital asset. Cuban believes that XRP will one day be worth more than $1 trillion, and recently he spoke with CNBC about his belief in the value of XRP. In his interview with CNBC, he said that he owns XRP because he believes in the future of the company behind the currency, Ripple. Cuban said, “I own XRP because I want to see Ripple succeed. I also believe in the potential of the blockchain technology behind the digital token.”
In a recent tweet, billionaire Mark Cuban joined the chorus of critics of the US Securities and Exchange Commission (SEC), calling former SEC lawyer John Reed Stark a Shark Tank presenter for his absolute lack of knowledge about cryptocurrencies. On Friday, holders of XRP protested outside the SEC’s headquarters in Washington, D.C., against the SEC’s lawsuit against Ripple, a distributed network technology startup. They want the regulator to end its war on cryptocurrencies and address former chairman Jay Clayton’s apparent conflict of interest.
Mark Cuban’s statements on cryptocurrencies
Cryptocurrencies, Cuban said, will continue to benefit entrepreneurs rather than regulators. Cuban’s transformation from skeptic to proponent of crypto-currency has been remarkable. For example, in December he explained that bananas are healthier than bitcoin because they contain potassium, but now he has described the many uses of cryptocurrencies. I’m watching @cnbc, and a dude who worked for the SEC is completely clueless about crypto-currencies. He says the profit is zero. One thing is for sure, cryptocurrencies will continue to have a positive impact on the economy, more so than the SEC. I love talking to him about the applications we develop. – Mark Cuban (@mcuban) June 3, 2021 He said weather insurance. Dismissed. Source of digital files. Efficiency of the digital content market. Personal banking. Prediction Markets. Non-split bank. structured financial products. Split of assets. Game rewards. Tickets are on sale. Earlier in the day, Stark said that neither bitcoin nor any other cryptocurrency has any use. The volatility is mind-boggling, as is the fact that bitcoin and other cryptocurrencies have no use. The only reason people own property is because they hope it will increase in value because someone else will buy it, Stark said. Cuban is not the only one in the crypto-currency world to criticize the SEC. After being fined $20 million in a stock fraud case, Tesla CEO Elon Musk has been embroiled in a very public feud with the government regulator, which he declared despicable in a 2018 interview with 60 Minutes. The XRP militants have made significant efforts to confront the SEC, from bombarding random tweets from the agency with hostile comments to staging a protest outside its Washington office. The Army also recently forwarded Change.org’s request to the SEC, but the government agency only responded with a prefaced response. With their mediation approach, digital currency holders are also trying to interfere with Ripple’s lawsuit.The Securities and Exchange Commission’s (SEC) recent decision to list XRP as a security is a terrible decision that could devastate the cryptocurrency space. Between its market capitalization and price, XRP is ranked as the fourth largest cryptocurrency by market cap, and the company behind it, Ripple, is one of the most successful start-ups in history. XRP is the only protocol that’s natively built on top of the Internet, which means it’s not subject to the same restrictions as Bitcoin and other cryptocurrencies. Ethereum and Bitcoin, on the other hand, are miners and developers that have to buy and manage expensive hardware in order to secure their networks.. Read more about mark cuban cryptocurrency investment and let us know what you think.
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