Celebrity billionaire Mark Cuban believes the U.S. Securities and Exchange Commission (SEC) could have prevented an FTX-related crypto crash in late 2022.
shark tank star To tell Japan learned from the infamous Mt. Gox hack in 2014 and introduced the following regulations: protect investors.
“If the SEC had taken the same approach as Japan, the FTX problem wouldn't have happened. Japan's FTX didn't lose money, but that's because they put investors first, and they don't have personal political interests. This is because I have actually learned and put together an approach that does not take profit into account.
Cuban claim FTX and other failed crypto businesses would not have failed if the SEC had instituted audited collateral and funds separation requirements.He also claim Other financial sectors pose greater risks for investors.
“Are you aware of the 12,000 Pink Sheets/OTC (over-the-counter) companies that are not listed on a U.S. exchange and will be “registered” in 2021 under changed requirements? Where are the groundbreaking and revolutionary companies?
Which has led to bigger losses for speculators over the past decade: penny stocks or crypto tokens trading billions of shares of bankrupt companies?
Even the most fraudulent tokens haven't lost that much money. My point is not to say that fraudulent tokens shouldn't be regulated. They should. What I'm saying is that the SEC is really bad at protecting investors from fraud. ”
That billionaire too overview Why he believes in the usefulness of cryptocurrencies.
“For cryptocurrencies: Low capital transfer costs. Instant secured loans. Store of value, tokenization of assets. Applying and preserving royalties on digital assets such as books. Real-time, low-cost insurance market. To protect against theft. Critical assets must be kept in cold storage.”
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