Mark Cuban posted a comment on cryptocurrency on his personal Twitter account, a name well known among investors. He’s one of the most followed investors out there, as is Elon Musk, especially his take on Dogecoin and his support for the community.
Mark Cuban in Support of Ripple
In a tweet he shared that day, Cuban targeted a former SEC attorney who recently discussed the Ripple case. Cuban’s response to attorney John Reed Stark’s criticism of cryptocurrencies, saying he had “no knowledge of cryptocurrencies”.
Cuban expect cryptocurrency industry will have a more positive impact than the sec said:
“I watch CNBC and the former SEC guest has no understanding of cryptocurrencies. He says they are of no use. The sure thing is that cryptocurrencies will contribute more to the industry than the SEC.”
Benefit of Cryptocurrency
Although Cuban attracted all the attention with this article, he also responded to one of the comments by quoting this article. A user who claimed to work for multiple crypto companies asked Cuban to identify all of the industries that crypto would benefit from.
The famous investor gave many examples to answer this question, such as wire transfers, personal banking, and ticket sales. The subject of Cuban’s criticism, John Reed Stark, stated in a post that day that Bitcoin and other crypto-assets (like Ripple) have no advantages:
“The volatility is incredible. Also, many people miss out that Bitcoin or any other crypto asset like it has no use whatsoever. The only reason people have it is to hope it will go up with someone else’s purchase.”
The Ripple Community’s Response to the SEC
Shortly before his term in office expired in late 2020, Jay Clayton’s lawsuit against Ripple was placed on the agenda of the cryptocurrency market. When XRP fell on news of the lawsuit, many investors suffered losses and began to step up their response to the SEC.
These Ripple investors recently protested and got noticed again. Supporters of the popular altcoin XRP gathered outside the US Securities and Exchange Commission building in Washington to protest the agency’s lawsuit against Ripple.
The protesters held banners reading “Cryptocurrency is not a crime,” “Stop cryptocurrency hypocrisy” and “XRP for life,” calling for an end to the war on cryptocurrencies and an investigation into former President Jay Clayton. The Ripple community recently launched a petition on Change.org and sent thousands of petitions to regulators.