Although criticism of cryptocurrencies continues to come, famous names well-known by the markets are not slow to respond to these criticisms. Billionaire investor Mark Cuban, the owner of the Dallas Mavericks club, has given a sharp response to one of the criticisms of cryptocurrencies. Cuban's target was one of the former lawyers of the SEC, who was at the top of the agenda with the Ripple case.
June 4, 2021 | AtoZ Markets – Mark Cuban is a well-known name among investors with his cryptocurrency comments on his personal Twitter account. He is one of the most followed investors in the market, along with Elon Musk, especially with his explanations for Dogecoin and his support for the community.
In a tweet he shared during the day, Cuban targeted a former SEC lawyer who has been on the agenda with the Ripple case recently. Cuban responded to Attorney John Reed Stark's criticism of cryptocurrencies by saying he "absolutely didn't understand anything about cryptocurrencies."
Cuban left in it and crypto money it expects the industry to provide more positive effects than sec stated:
“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.”
While Cuban attracted all the attention with this post, he also responded to one of the comments made by quoting the post. A user who stated that he works for several crypto companies asked Cuban to name any industry where crypto has benefited.
The famous investor answered this question by listing many examples such as money transfers, individual banking, ticket sales. John Reed Stark, the target of Cuban's criticism, said in his post during the day that neither Bitcoin nor any other crypto asset such as Ripple had any benefit:
“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 reaction to the SEC
The lawsuit filed against Ripple by Jay Clayton, just before the end of his term at the end of 2020, was on the agenda of the cryptocurrency markets. With XRP, which fell with the news of the lawsuit, many investors made a loss and started to raise their reactions against the SEC.
These Ripple investors came to the fore again with a protest they made recently. Supporters of the popular altcoin XRP had gathered in front of the US Securities and Exchange Commission (SEC) building in Washington to protest the institution's lawsuit against Ripple.
The demonstrators, holding banners that read “Cryptocurrencies are not a crime,” “Stop Cryptocurrency Hypocrisy,” and “XRP for Life,” demanded an end to the war on cryptocurrencies and an investigation of former president Jay Clayton. The Ripple community has recently launched a petition on Change.org, as well as sent thousands of petitions to the regulatory agency.
XRP at $1 levels
Ripple's XRP, which rose to the level of $1.07 yesterday, lost momentum and fell to $0.93 at the time of writing. Experts state that the $1.15 level is very important for a new uptrend in XRP price, while emphasizing that the $0.93 level can be a support point in a downward move.
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