Mark Cuban: SECs Crypto Attacks Doomed to Fail.

Mark Cuban: SECs Crypto Attacks Doomed to Fail.

Billionaire Mark Cuban believes that the ongoing attack on crypto tokens by SEC and the U.S. government would ultimately not work, as once tokens are in circulation and the creator decides to close down the entity, the SEC and government can do nothing and the token achieves full decentralization.

Reports by reports, bil­lion­aire Mark Cuban recent­ly point­ed out that the ongo­ing attack on cryp­tocur­ren­cy cryp­to tokens by SEC and the Unit­ed States Gov­ern­ment would in the end not work. 

Cuban: SEC attacks on crypto tokens won’t be work

Mark Cuban respond­ed to a cryp­tocur­ren­cy enthu­si­ast, Rodri­go, who tweet­ed that the SEC plans to reg­u­late the cryp­tocur­ren­cy space using ” third par­ties” pro­nounce­ments with­out involv­ing the project cre­ators.

The user, Rodri­go, high­light­ed the exam­ple where the SEC argued that FIL is security—the SEC sent a let­ter to Grayscale with­out offer­ing File­coin the oppor­tu­ni­ty to respond. 

Rodri­go high­light­ed oth­er past cas­es of Wahi, Bit­trex, and oth­ers where the SEC alleged that some cryp­to tokens are secu­ri­ties, even with­out involv­ing the cryp­to token providers.

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Although while respond­ing to the state­ment, Mark Cuban point­ed out that the attacks wouldn’t work on the File­coin chain and chains with their cryp­to tokens.

Take the receipts and use them to pro­vide liq­uid­i­ty using Decen­tral­ized Finance to train the cryp­to token, and then dis­solve the orig­i­nal enti­ty that releas­es the token.” 

Mark Cuban, investor.

Mark Cuban insin­u­ates that the SEC and Gov­ern­ment can do noth­ing once the cryp­to tokens are in cir­cu­la­tion and the founder decides to close down the enti­ty.

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Cuban thinks that once that is done, the cryp­to token achieves full decen­tral­iza­tion. As a result, there would be no way of essen­tial­ly restrict­ing the token. 

After shar­ing his sen­ti­ment, the bil­lion­aire request­ed for opin­ions on the sub­ject from the com­mu­ni­ty.  

The con­sen­sus was that the secu­ri­ties laws in the Unit­ed States had been designed unfair­ly. 1 user sug­gest­ed that projects need just to exclude the U.S.

SEC’s complaint against Filecoin

The File­coin cryp­to token issues with the SEC start­ed when Grayscale made a reg­is­tra­tion state­ment with SEC.

Nonethe­less, on May 16, the SEC sent a let­ter to Grayscale indi­cat­ing that FIL, Grayscale trust’s invest­ment is a secu­ri­ty. Hence, SEC request­ed Grayscale to with­draw the reg­is­tra­tion state­ment. 

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The most recent com­plaint was in response to a release on May 17, where Grayscale announced the ongo­ing issues with File­coin in a press state­ment.


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