Billionaire entrepreneur and Dallas Mavericks owner Mark Cuban has once again come forward to defend the cryptocurrency world and shed light on alleged flaws in the traditional banking system. Cuban's remarks were in response to criticism from former Securities and Exchange Commission (SEC) official John Reed Stark.
Cuban highlighted the irony in Stark's critique of 'groupthink' among cryptocurrency users by pointing out that this collective decision-making process had actually saved depositors of Silicon Valley Bank and other financial institutions when oversight and regulation failed.
Cuban defended crypto for the concrete benefits it could provide and for its right to develop into a more mature technology that leaves a positive impact on the economy. But he believes that the vast majority of tokens will go to zero.
“90 percent of blockchain companies will go broke,” he said. “99 percent of tokens will go broke. Just like 99 percent of early internet companies did… But the winners will be game changers. That’s the way tech works.”
Cuban added that the SEC is not meant to decide whether or not a technology is “valid.”
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Policy and Regulation
