Benzinga - Billionaire and prominent television celebrity, Mark Cuban, highlighted a host of cryptocurrency benefits in response to a supposed critic of the asset class.
What Happened: James Love, Director of an NGO Knowledge Ecology International, posed a sardonic question on the utility of cryptocurrencies to Cuban. He asked, "Other than speculation, avoiding taxes and engaging in criminal activity, what is the utility of crypto?"
Are you asking about cash or crypto ? For crypto: lower cost of capital transfers, immediate collateralized loans, store of value , tokenization of assets, application and retention of royalties to digital assets like books, real time, low cost insurance markets , cold storage… https://t.co/McAXGsfvIG— Mark Cuban (@mcuban) May 12, 2024
Cuban detailed various benefits of digital assets, including minimal transaction fees, easily accessible credit, and insulation against theft.
"For crypto: lower cost of capital transfers, immediate collateralized loans, store of value , tokenization of assets, application and retention of royalties to digital assets like books, real time, low cost insurance markets , cold storage ownership of significant assets to protect against theft," the entrepreneur argued.
Regarding incidents like the FTX collapse which questioned the market's credibility, Cuban pinned it on the SEC.
"This is an institutional failure of the SEC, not a crypto issue," he asserted. "If the SEC has instituted audited collateral and segregation of funds requirements, we would not have seen FTX and others fail."
Why It Matters: Mark Cuban, one of the most influential voices in the crypto space, has advocated for clarity in legal frameworks governing digital assets.
Like most influencers, he has criticized the SEC’s overbearing approach to the matter, and blamed SEC Chair Gary Gensler for making it impossible for cryptocurrency companies to function in the United States.
If @joebiden loses, there is a good chance you will be able to thank @GaryGensler and the @NewYork_SECCrypto is a mainstay with younger and independent voters. Gensler HAS NOT PROTECTED A SINGLE INVESTOR AGAINST FRAUD
All he has done is make it nearly impossible for… https://t.co/uBKupxLhS9
— Mark Cuban (@mcuban) May 10, 2024
With an energetic pro-crypto campaign launched by former U.S. president and current Republican candidate, Donald Trump, many of the players in the space have extended their unequivocal support to the firebrand leader.
Photo: Courtesy of Gage Skidmore on Flicker
Price Action: At the time of writing, Bitcoin (CRYPTO: BTC) was trading at $61,037, following a marginal 0.25% growth in the last 24 hours, according to data from Benzinga Pro.
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