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In a recent Twitter conversation with former Securities and Exchange Commission (SEC) official John Reed Stark, American businessman and philanthropist Mark Cuban predicted that 90% of blockchain companies will go broke. In the same vein, he also predicted that 99% of tokens will do the same, but that those who get to survive will turn out to be “game changers” in the tech world.
Now we are talking tech. You are in my space John. I don’t comment. I do. My entire career has been people telling me why the companies I started were ridiculous and not needed. Until they found themselves using them.
Smart contracts are about 6 years old. Maybe the name… https://t.co/da2zEvjtHU
— Mark Cuban (@mcuban) June 15, 2023
Cuban compared his prediction to the collapse of early internet companies. The conversation between Mark and John Reed Stark stems from blockchain and regulation litigation, however, it all started after the ex-SEC official shared a post on the Binance/SEC court hearing.
United States District Judge Amy Berman Jackson had explained to both the leading digital asset service provider and the regulator to try and work out an agreement without her interference. She did not want to directly rule on the SEC’s motion for a temporary restraining order which may likely lead to the freezing of Binance U.S assets.
In response to Stark’s tweet, a cryptocurrency enthusiast identified as @_someone_els suggested that Judge Jackson may not have gotten a clear definition of what crypto assets qualify as securities. But, Stark was quick to correct the notion, pointing the individual to an earlier tweet he posted.
Instantly, Cuban called the former SEC official’s attention to the fact that he may have misread the impact of what Judge Jackson said.
Mark Cuban Reiterates His Pro-Crypto Stance
Cuban began his argument by first establishing the fact that not all crypto businesses that have tokens or considering using one, are big enterprises. Sadly, there is a general assumption that they all are, per Cuban’s statement. He highlighted a certain time when someone from a small company had approached the SEC for clarification and guidance in registration.
The response from the SEC was “Here are some cases to review, get a lawyer to help you.”
Their conversation went in from there to the point where Stark stated that blockchain can never triumph over traditional databases. However, Cuban was not having it, he emphasized that no matter who gets kicked out in the long run, tech always has a way of providing game-changers. In conclusion, the Dogecoin advocate said,
“While I think many of your criticisms of crypto are very valid, they don’t invalidate the impact the industry can have on the economy.”
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