(The Crypto Basic) - Pro-XRP lawyer attorney John Deaton wants American billionaire investor Mark Cuban to testify before the Senate and House Banking/Financial Services Committees.
In a recent tweet, attorney Deaton said:
“Can we get @mcuban before the Senate and House Banking/Financial Services Committees, please?”
Deaton apologized to Cuban for being presumptuous and offering up the billionaire investor’s time. However, Deaton believes Cuban would be a suitable candidate to testify before the congressional committee as he better understands the interactions between regulation and innovation.
Cuban Engage Former SEC Official in Heated Debate
Deaton’s remark was in reaction to the heated debate between the billionaire investor and former SEC official John Reed Stark regarding cryptocurrency regulation.
Recall that Cuban and Stark engaged in a fierce debate earlier this week. While Cuban accused SEC Chair Gary Gensler of harming cryptos via his stringent policies, Stark was seen defending the regulator.
During the debate, Cuban asserted that the crypto industry might experience a similar fate as the early days of the internet, where 99% of early internet firms went bankrupt.
According to Cuban, 90% of blockchain-related companies are destined for bankruptcy, while 99% of crypto assets will go broke. Cuban noted that the way tech works is that the winners are always the game-changers.
“Let’s take this back to the SEC. They aren’t supposed to make judgment calls on whether a technology is valid or investors need protections based on their view of technology,” said Cuban.
Furthermore, Cuban called on Congress to intervene in order to foster the industry’s growth.
By Lele Jima
June 17, 2023
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
