TronWeekly

Crypto World News

You are here: Home / Archives for Mark cuban

Mark cuban

Mark Cuban Vs SEC: Advocates For Japan-style Crypto Protection

by

Continuing his tirade against the US regulator, billionaire entrepreneur Mark Cuban blasted the SEC, saying that they could take a cue from Japan on how to protect crypto investors. Following the infamous Mt. Gox incident, Japan implemented measures to protect investors. These exchanges that went bankrupt in the US survived in Japan, Cuban wrote.

If the SEC would follow Japan’s lead the fraud would be reduced significantly. And as a point of reference, the amount of fraud in bulletin board stocks rivals that of today’s crypto. The SEC will let you trade billions of shares of bankrupt companies that have announced they their shares will never have value. This is an institutional failure of the SEC, not a crypto issue. If the regulator has instituted audited collateral and segregation of funds requirements , we would not have seen FTX and others fail.

SEC
Mark Cuban Vs SEC: Advocates For Japan-style Crypto Protection 2

The billionaire investor was also engaged in a verbal duel with John Reed Stark, an ex-official of the Securities and Exchange Commission while debating about the regulation of cryptocurrencies. The heated debate on Crypto Twitter gained attention when Cuban accused SEC Chair Gary Gensler of undermining the crypto industry, and Stark, on the other hand, defended the regulator’s actions.

Cuban ended the discussion by advocating his support for cryptocurrencies, stating that their potential impact on the broader economy cannot be underestimated. He famously coined the term “Crypto Derangement Syndrome” to refer to an irrational hatred of cryptocurrencies and suggested that such negativity can be as detrimental as the exaggerated hype surrounding its potential.

SEC On Ethereum

Of late, Gensler has come under intense criticism after House Financial Services Committee Chairman Patrick McHenry came forward with serious allegations. This followed recent controversies surrounding the US regulator, including a federal judge rebuking the regulator for “gross abuse” of power. Adding fuel to the fire were the unredacted filings from Ethereum firm ConsenSys, revealing that Gensler believed ETH was a security for at least a year.

However, McHenry highlighted more shocking revelations, stating that evidence showed Chair Gensler intentionally misled both Congress and the public during a testimony last April. Citing new court filings, Gensler evaded clear answers about Ethereum’s classification as a security, a move McHenry now claims was a deliberate obscuring of the regulator’s position.

SEC Chair Gensler ‘Trying to Destroy’ Crypto Industry, Billionaire Sounds Alarm

by

Mark Cuban, the renowned billionaire investor, has voiced scathing criticism against Gary Gensler and the U.S. Securities and Exchange Commission (SEC), accusing them of working actively to destroy the blossoming cryptocurrency industry. The SEC’s litigate-to-regulate approach instead of fostering compliance has critically affected crypto startups. He is dismayed that a regulatory structure heavily inclined towards registration rules has become an insurmountable obstacle for law-abiding companies.

Regulatory Obstacles for Crypto Companies

Cuban stresses that due to the SEC’s hard line, he has been discouraged from engaging in any investments involving token sales. It is not a reflection on the company’s potential, it is rather pragmatic given the regulatory roadblocks imposed by the SEC. The cost is too high, both in terms of time and legal fees, making it impossible for firms to operate within the SEC regulatory framework if they attempt to register or comply.

Moreover, Cuban points out this paradox where companies have had to go outside the US just to get away with unregulated scrutiny, which he finds unacceptable. He argues that such a confrontational approach by the SEC has created an environment where legitimate firms plus investors suffer the most. The absence of clarity and an intimidating process for compliance allowed dubious token offerings to thrive along with legitimate ventures, thereby confusing those who wish to invest in good opportunities.

In Cuban’s view, Gary Gensler’s legacy at the SEC is one marked by obstructive policies that hinder innovation and legitimate business operations. He contends that rather than fostering compliance and investor protection, the SEC’s actions have stifled growth and perpetuated uncertainty within the crypto market. Cuban underscores the urgent need for a regulatory framework that strikes a balance between fostering innovation and safeguarding investor interests.

Even though SEC places tough demands on cryptos, Cuban insists that the cryptocurrency industry still aims at adhering to them. However, he argues that today’s regulatory environment makes it practically impossible because it discourages rather than encourages firms’ abiding by rules. The present state of affairs calls for rethinking to ease the registration obstacles while improving the crypto market’s visibility.

Related Reading | Ethereum’s Evolution In Q1 2024: 9% Rise in Staking & Open Interest Surges by 50%

Cuban’s Dogecoin Endorsement: A $3.5 Billion Crypto Power Move

by

In a recent Ask Me Anything (AMA) session on an undisclosed platform, Dogecoin advocate Mark Cuban, entrepreneur and former Dallas Mavericks principal owner, reaffirmed the NBA team’s steadfast support. Confirming their commitment to the meme-inspired cryptocurrency, Cuban responded to community queries, assuring that the Mavericks continue accepting Dogecoin.

This affirmation is a continuation of the Mavericks’ pioneering decision in March 2021 to integrate Dogecoin into their payment options for tickets and merchandise. This move underscored the team’s willingness to embrace the growing mainstream acceptance of digital currencies. Worth noting is Cuban’s decision to sell a majority stake in the Dallas Mavericks to Miriam Adelson’s family in November, valuing the franchise at an impressive $3.5 billion. Despite this sale, Cuban retains a partial stake and continues to actively manage the team.

mark cuban1
Mark Cuban

The AMA session provided a window into Cuban’s evolving stance on digital assets, as he engaged with the cryptocurrency community. Beyond Bitcoin and Ethereum, Cuban revealed his interest in crypto projects like Polygon and Injective. However, he cautioned that navigating the volatile crypto market requires thorough individual due diligence.

Cuban Questions Music NFTs, Praises Dogecoin

Cuban’s diversified crypto portfolio showcases a balanced approach, blending established mainstream cryptocurrencies with emerging digital assets. When the discussion turned to tokenization, particularly in relation to sports teams and real estate, Cuban expressed skepticism about the added value of such initiatives. This stance reflects a cautious approach to newer forms of digital asset applications. Similarly, his views on music NFTs (non-fungible tokens) were reserved, noting the niche market’s struggle to find a “compelling aspect.”

When questioned about Bitcoin Layer 2 solutions and scaling, Cuban downplayed their significance. Instead, he emphasized the importance of applications with unique utility in the blockchain space. Cuban dismissively responded to inquiries about the “dogwifhat” meme coin and the Solana ecosystem, showcasing his discerning approach to the vast and dynamic world of cryptocurrencies.

In summary, Mark Cuban’s reaffirmation of the Dallas Mavericks’ support for Dogecoin highlights the team’s ongoing commitment to embracing digital currencies. His diverse crypto portfolio and cautious approach to newer digital asset applications underscore the dynamic and evolving nature of the cryptocurrency landscape, where due diligence and utility take precedence in the eyes of this billionaire entrepreneur.

SEC’s XRP Battle with Musk and Cuban: Shocking Legal Showdown

by

Elon Musk and Mark Cuban, two influential figures in the investment world, have joined forces to challenge the prosecutorial tactics of the United States Securities and Exchange Commission (SEC) in a joint amicus brief filed with the Supreme Court. This move is in support of plaintiff George Jarkesy, who argues that the commission’s practice of conducting juryless prosecutions infringes upon the seventh amendment of the United States Constitution.

One of the key issues addressed in the amicus brief is the internal appointment of administrative judges by the SEC to preside over cases. Musk and Cuban contend that the current structure of administrative proceedings results in unequal outcomes for defendants facing the commission charges. This is a significant concern, as the commission plays a pivotal role in regulating various aspects of the financial markets, including securities fraud and market manipulation.

Notably, the motivation behind Musk and Cuban’s involvement in this legal battle is amplified by their own interactions with the commission. Elon Musk has faced legal action from the commission on multiple occasions, making him no stranger to regulatory disputes. The commission is currently seeking his testimony in relation to his acquisition of Twitter, now known as X.

In their amicus brief, the billionaire duo argues that the commission’s insistence on administrative proceedings, when federal court juries are readily available, contradicts the commission’s mission and ultimately harms the very investors and markets it is meant to protect. This critique highlights the potential repercussions of the commission’s current approach to prosecution.

Amid Regulatory Clash, SEC’s XRP Troubles Multiply

The implications of this legal challenge extend beyond traditional financial markets. If the Supreme Court rules against the commission’s ability to employ administrative proceedings, it could provide a lifeline to crypto platforms facing regulatory scrutiny. Over the past few months, the commission has faced several setbacks in lawsuits involving cryptocurrency firms, such as the favorable outcome for Ripple Labs regarding the classification of XRP and Grayscale’s success in converting its Bitcoin trust into a spot Bitcoin ETF.

The call to eliminate administrative judges and proceedings has far-reaching consequences, affecting market participants across various ecosystems. It remains to be seen how the Supreme Court will respond to this challenge, but the outcome could reshape the regulatory landscape for securities and the crypto industry.

Crypto Chronicles: Mark Cuban’s Epic Wallet Recovery!

by

In the fast-paced world of cryptocurrencies, even the most seasoned investors can fall victim to cybercrime. Mark Cuban, the well-known American entrepreneur, investor, and owner of the NBA’s Dallas Mavericks, recently experienced this firsthand when his crypto wallet, bearing the address 0x29…dAAc, was compromised after remaining idle for 160 days. The theft amounted to a staggering sum of 175k USDC, 4.34k USDC, 4.86k USDT, 7.02k RARI, 12.36k MATIC, 338.21 stETH, 5.29 ETH, 8.247 WETH, 697.48k RARE, 16.67k BIT, 5.92 GOHM, and 10k AUDIO.

Screenshot 52
Source: Arkham Intelligence

However, what makes this incident truly remarkable is not the theft itself but Mark Cuban’s swift and successful response. Despite the substantial losses, Cuban’s determination to reclaim his assets stood out as a testament to the resilience required in the crypto space.

Cuban’s journey to recovery began when he managed to regain control of a significant portion of his stolen assets. In a remarkable turn of events, he was able to recover 3.049 million USDC from the stolen wallet. This achievement not only demonstrated Cuban’s tenacity but also highlighted the unique nature of blockchain technology.

The recovery process was facilitated by the transparency and immutability inherent in blockchain ledgers. Unlike traditional financial systems, where tracing stolen funds can be an arduous task, blockchain transactions are recorded permanently and publicly. This allowed Cuban to track the movement of his stolen funds and take action swiftly.

Once the stolen funds were identified, Cuban made a strategic decision to transfer the recovered 3.049 million USDC to Coinbase, a reputable cryptocurrency exchange. Coinbase’s robust security measures provided an additional layer of protection for Cuban’s assets, ensuring that they were not susceptible to further theft.

Crypto Security: A Vital Imperative for Investors

Cuban’s actions serve as an important lesson for all cryptocurrency investors. While the decentralized and relatively anonymous nature of digital assets can attract malicious actors, it also empowers individuals to take control of their financial destiny. Mark Cuban’s proactive response and eventual recovery of a significant portion of his stolen assets underscore the importance of vigilance and security in the digital asset world.

Furthermore, Cuban’s experience highlights the need for increased awareness and education around cryptocurrency security. As the crypto market continues to grow, so does the sophistication of cybercriminals. Investors must stay informed about best practices for securing their assets and be prepared to act decisively in the event of a security breach.

In conclusion, Mark Cuban’s stolen crypto address is a story of resilience, recovery, and the unique attributes of blockchain technology. While the initial theft was a setback, Cuban’s ability to regain a substantial portion of his assets showcases the potential for individuals to protect their crypto investments. This incident serves as a stark reminder that in the crypto world, security is paramount, and swift action can make all the difference.

Entrepreneur Mark Cuban Slams SEC and John Reed Stark’s ‘Crypto Obsession’

by

The billionaire investor engaged in a heated argument with John Reed Stark, a former official of the Securities and Exchange Commission (SEC), regarding the regulation of cryptocurrencies. The intense debate took place on Crypto Twitter, where Mark Cuban accused SEC Chair Gary Gensler of undermining the crypto industry, while Stark defended the regulator’s actions.

SEC vs. Mark Cuban

Starting on June 14, Cuban and Stark exchanged spirited comments on Twitter. Cuban expressed his disagreement with Stark’s apparent support for the SEC’s recent legal actions against Binance, a prominent crypto exchange. Cuban blamed SEC Chair Gary Gensler’s approach of using litigation as a regulatory tool for hindering the growth of crypto startups and accused Stark of misinterpreting the consequences of the case.

Stark had previously advocated for regulators to treat crypto-related businesses as “large enterprises.” However, Cuban countered by stating that many crypto businesses are small and should not be burdened with the requirement of hiring securities lawyers just to enter the industry.

Stark reaffirmed his support for the SEC’s actions against Binance, emphasizing that the crypto industry lacks comprehensive regulation and that such actions would help eliminate unethical participants and enhance transparency.

The debate then shifted towards the topic of regulating cryptocurrencies, with Stark arguing against treating crypto assets as equivalent to “pink sheets or stocks.”

In contrast, Cuban criticized Stark’s viewpoint, claiming it to be biased, and put forth the idea that tokens could be regulated in a similar manner to other securities. He emphasized the need for the SEC to establish clearer guidelines for cryptocurrencies.

Mark Cuban, a prominent American entrepreneur and investor, had initially expressed skepticism towards cryptocurrencies in 2017, labeling Bitcoin as a pyramid scheme. However, over time, Cuban’s stance has evolved, and he has become more supportive of digital assets, now appearing to advocate for the industry.

John Reed Stark, who previously held the position of Chief of the SEC’s Office of Internet Enforcement, currently maintains a moderate skeptical stance towards cryptocurrencies. He shares a diverse range of legal insights on digital assets with his 21,000 Twitter followers.

In the end, Cuban acknowledged that, similar to the early internet companies, a significant portion of blockchain companies (around 90 percent) and tokens (around 99 percent) will likely fail. However, he expressed confidence that the successful ones will be transformative and serve as game changers, as is the norm in the technology industry.

Cuban concluded the discussion by expressing his support for cryptocurrencies, stating that the potential impact on the broader economy cannot be denied. He coined the term “Crypto Derangement Syndrome” to refer to an irrational hatred of cryptocurrencies and suggested that such negativity can be as detrimental as the exaggerated hype surrounding its potential.

Shark Tank Mark Cuban Is Anticipating the Ethereum Merge

by

Mark Cuban is showing his support for Ethereum. The imminent Ethereum “merge,” a highly awaited upgrade for the blockchain that would significantly lower its ecological footprint, has the endorsement of billionaire Mark Cuban.

Cuban, a Shark Tank investor tells Fortune that he supports the merger. “I believe that the issue of energy utilization is crucial.”

The “Shark Tank” star has long been a prominent figure in Ethereum. To emphasize his fondness for the Bitcoin rival, he even went so far as to designate himself as an “Ethereum maxi” in November.

image 14
Shark Tank Mark Cuban Is Anticipating the Ethereum Merge 7

Mark Cuban awaits the Ethereum Merge

The merge, which is anticipated to take place on September 15, would change Ethereum’s consensus algorithm from proof-of-work to proof-of-stake. Proof of stake relies on a network of validators as opposed to proof of work, which uses energy-intensive miners to create new blocks and validate transactions.

Consequently, mining on Ethereum will be essentially stopped once the merger takes place, and its overall energy use is predicted to drop by 99.9%.

Cuban stated that he views the switch to proof of stake as favorable for this reason. He has frequently referenced the network’s applications and use cases as a motivator behind his support when speaking about his fondness for Ethereum. He has primarily discussed his interest in smart contracts, which are sets of computer code that carry out a set of instructions on a blockchain.

image 15
Shark Tank Mark Cuban Is Anticipating the Ethereum Merge 8

Ethereum Foundation unveils the date of the Merge

The Merge will happen in two phases, according to the Ethereum Foundation. The Bellatrix network update, which is slated to take place on September 6 at 11:34 AM, is the first step. The Paris upgrade, which completes the transition from proof-of-work to proof-of-stake at the execution layer, will approach the network upgrade. On September 10 and September 20, 2022, Paris will take place.

The miners will effectively lose their jobs because the merge would replace mining with staking. Indeed, mining is an energy-intensive activity that uses a sizable amount of power and energy. PoS intends to reduce this energy usage by over 99%.

The owner of the Dallas Mavericks, who once asserted that bananas are more useful than Bitcoin, has subsequently changed his mind. He now sees bitcoin as a form of gold’s direct rival as a store of value.

Present Crypto Bear Market Reminds Mark Cuban of Warren Buffet’s Foresight

by

Mark Cuban, the owner of the Dallas Mavericks and a billionaire crypto investor, says the current market collapse reminds him of a Warren Buffett proverb.

The rise and fall of cryptocurrency markets and initiatives, according to Cuban, is similar to the 91-year-old Oracle of Omaha’s saying, “Only when the tide goes out do you realize who’s been swimming naked.”

Cuban made the statement during a Thursday interview with Fortune, in which he examined what he considers to be faulty business strategies in some crypto companies that have struggled in recent months.

“Like Warren Buffett says, ‘When the tide goes out, you get to see who is swimming naked.’”

Current crypto market witnesses companies and investors suffering

Terra, Celsius, and Three Arrows Capital were among the corporations that appeared to be swimming naked.

By the middle of May, the Terra system, now known as Terra Classic, had entirely collapsed. Investors have lost tens of billions of dollars as a result of the collapse, and many regulatory organizations have launched a manhunt for the company’s founder and CEO, Do Kwon.

If the recent halting of withdrawals is any indication, Celsius, the staking and lending platform, is struggling to stay afloat. Three Arrows Capital, an investment firm, is said to have faced a $400 million liquidation after failing to pay margin calls.

Despite the bleak short-term picture for crypto, Cuban believes that downturns have a purifying impact on markets and that this time will be no different for crypto. However, he believes that you should constantly support innovation.

Marc Lasry, CEO of Avenue Capital Group, is even more pessimistic about the financial markets. On Bloomberg TV, he forecast that the suffering in the economy as a whole will last until the end of 2022, with equity indexes falling another 10%. Lasry, on the other hand, feels that the US economy is robust enough to keep the current dip short-lived.

Mark Cuban backed Instagram account ‘NFT’ banned over repeated policy violations

by

Instagram has removed prominent Mark Cuban-backed account @NFT over recurrent rules breaches. “This account was disabled following multiple breaches of our regulations, and it won’t be reinstated,” a spokeswoman for Instagram told Rolling Stone.

The account has been accused of constantly publishing sponsored content and touting new NFT collections without labeling the postings as promotions.

The revelation of the allegations was made public through a thread of tweets by @topshotfund:

Mark cuban
Screenshot of a list of projects promoted by @NFT. Image: TopShotFund

How did topshotfund identify the scammy promotions?

In one of his tweets, he said that over the past couple of weeks, he had an increasing number of normie friends reaching out to him about new NFT projects that he had surprisingly never heard of. He started researching what they all had in common.

When he came across the @NFT Instagram handle, he noticed that they promoted the first introduction to NFTs to over 1.7m followers. He identified that they monetize daily by promoting similar projects that practice scammy tactics without disclosing that they are ads.
He added that these scammy NFT projects searching for legitimacy would buy fake followers, pay influencers, & pass it off as organic interest.

They also charge a minimum of $100k / campaign. He ran the numbers and of their 36 promotions that he analyzed:
-25 (70%) currently at or below the mint price
-4 blatant rugs
-0.16 avg / 0.06 median floor price

Negotiation tactics
Screenshot of their campaign price: Image by TopShotFund

Stay away from scammy NFTs

Space Cowboy feels that @NFT intentionally supports ventures that don’t have apparent lasting worth. “They’re definitely in it for the fast $$ and did not always have an eye out for the community,” he claims. While the majority of the Twitter users who participated in his thread only voiced thanks for its cautionary presence and concern about the detrimental effect on widespread adoption, numerous acknowledged they’ve been cautious of @NFT for months.

In the past, the @NFT Instagram page routinely uploaded material that encouraged its followers to check out other NFT projects—many of which were profile picture (PFP) collections. Before you jump on and buy some shitty NFT, do your research before losing all your money to fake marketing tactics.

Dogecoin [DOGE] Goes To The Ellen Show

by

The crypto industry is undoubtedly going places. Bitcoin [BTC] as well as Dogecoin [DOGE] seems to have acquired a wide range of fans across the globeMark Cuban of Shark Tank expressed his interest in DOGE after the Dallas Mavericks began accepting the cryptocurrency as payment for merchandise.

DOGE’s price has recently experienced significant fluctuations. However, at the time of writing, the asset had not experienced a significant rise or fall. The altcoin was trading for $0.26. Even though the asset is priced so low, the fan base of the coin seemed to be growing by the day. While Tesla’s Elon Musk has time and again expressed his interest in the meme coin, Cuban went one step ahead and endorsed DOGE on television.

Dogecoin [DOGE] Garners Endorsement On Television

Appearing on the popular TV talk show, The Ellen Show hosted by Ellen DeGeneres, Mark Cuban spoke about Dogecoin. In the virtual interview, Cuban pointed out that even though DOGE started out a meme, the altcoin was emerging as a prominent digital currency.

Back in March, the basketball team, Dallas Mavericks announced that it would accept DOGE as payment at its store. Cuban went on to urge DeGeneres to sell her merchandise from The Ellen Shop for Dogecoin. While the host suggested that she would do so, she further added,

“I’m interested in Dogecoin, and I really want to know more about this.”

Furthermore, DeGeneres took to Twitter and shared a clip of the interview along with a caption pertaining to DOGE. She tweeted,

Even though the hype around DOGE has been high, the price of the asset has always remained below $1. This hype has caused the asset to witness a surge of about 393% over the last 30-days. Speaking about the same, Cuban added,

“I wouldn’t say DOGE [is] the world’s best investment, but it’s a whole lot better than a lottery ticket. It’s a great way to learn and start understanding cryptocurrencies.”