Regulation
Mark Cuban says the SEC could have prevented FTX if it had followed in the footsteps of Japanese cryptocurrency regulation
Famous billionaire Mark Cuban believes that the US Securities and Exchange Commission (SEC) could have prevented the FTX-related cryptocurrency collapse in late 2022.
The star of the shark tank He says Japan has learned from the infamous Mt. Gox hack of 2014 and has implemented relevant regulations protect investors.
“If the SEC had taken the same approach as Japan, there would not have been an FTX problem. Japan FTX did not suffer losses, because it actually learned and fine-tuned an approach that put investors first and personal political gain did not come into play.
Cuban he claims that FTX and other collapsed cryptocurrency firms would not have failed if the SEC had managed to institute verified collateral and fund segregation requirements. He has too he claims that other financial sectors present greater risks for investors.
“Which of the companies not listed on US exchanges, you know the 12,000 on the pink sheets/OTC (over the counter) that are ‘registered’ via modified requirements in 2021, will be innovative and revolutionary?
Which have generated greater losses for speculators over the past 10 years, those penny stocks trading billions of shares of failed companies or crypto tokens?
Even the most scammy tokens didn’t lose that much money. My point is not to say that scam tokens should not be regulated and removed from the market. They should. The bottom line is that the SEC is really bad at protecting investors from scams.”
Even the billionaire features because he believes in the usefulness of cryptocurrencies.
“For cryptocurrencies: lower capital transfer costs; immediate guaranteed loans; store of value, tokenization of assets; enforcement and retention of royalties on digital assets such as books; real-time, low-cost insurance markets; Cold storage ownership of significant assets to protect them from theft.
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