Despite the criticism of cryptocurrencies continues to arrive, famous and well-known names in the markets do not take long to respond to these criticisms. Billionaire investor Mark Cuban, the owner of the Dallas Mavericks club, gave a sharp answer to one of the cryptocurrency criticisms. Cuban's target was one of the former SEC attorneys, who was at the top of the agenda with the Ripple case.
Mark Cuban is a well-known name among investors with his cryptocurrency comments. He is one of the most followed investors in the market, along with Elon Musk.
In a tweet, Cuban targeted a former SEC attorney who was recently on the agenda with the Ripple case. Cuban responded to cryptocurrency lawyer John Reed Stark's criticism by saying that "he has absolutely no understanding of cryptocurrencies."
“I look at CNBC and the host of the SEC, it is evident that he does not know about cryptocurrencies. He says they're not needed. What is certain is that cryptocurrencies will contribute to the sector more than the SEC. "
While Cuban got all the attention with this post, he also responded to one of the comments he made by citing the post. A user who claimed to work for several cryptocurrency companies asked Cuban to name any industry where cryptocurrencies have 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 like Ripple had any advantage:
“The volatility is incredible. Also, many people lose sight of the fact that Bitcoin or any other crypto asset is of no use. The only reason people have it is to hope it goes up with someone else's purchase ”.
The Ripple Community Reaction to the SEC
The lawsuit filed against Ripple by Jay Clayton, shortly before the end of his term in late 2020, was on the agenda of the cryptocurrency markets. With XRP falling with the news of the lawsuit, many investors lost and began to raise their reactions against the SEC.
These Ripple investors are back in the limelight with a protest they made recently. Supporters of the popular XRP altcoin had gathered in front of the United States Securities and Exchange Commission (SEC) building in Washington to protest the institution's lawsuit against Ripple.
Protesters, holding banners reading "Cryptocurrencies are not a crime", "Stop cryptocurrency hypocrisy" and "XRP for Life", called for an end to the war on cryptocurrencies. The Ripple community recently launched a petition on Change.org and sent thousands of petitions to the regulatory agency.
$ 1 XRP
XRP is up to $ 1,07 (quotation in real time), but lost momentum and fell to $ 0,93 at the time of writing. Experts say the $ 1,15 level is very important for a new uptrend, while stressing that the $ 0,93 level can be a support point in a downward move.