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Crypto Market News: The unprecedented enforcement actions on crypto businesses in the United States is begging the question as to whether there is need for high level debates between lawmakers and industry experts. That the two of the world’s top crypto exchanges have been targeted in back to back lawsuits by the U.S. Securities and Exchanges Commission shook the crypto market. In this context, John Deaton, the attorney representing XRP holders in the SEC lawsuit, is recommending that Shark Tank investor Mark Cuban should speak on the innovative side of crypto and blockchain before the Senate and House Banking and Financial Services Committees.
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Cuban, however, thinks overhyping crypto also has been an equally big problem as the likes of SEC targeting the industry. He believes it’s time for the Congress to step in to resolve the regulatory deadlock. Overall, attracting political action is key in the near term, as we head to the election year in the United States, where it is becoming increasingly clear that crypto could well become a massive election issue.
Mark Cuban Before Senate and House Committees
The Shark Tank investor believes there is need for creating exemptions for the crypto market, for it to go mainstream and contribute to the economy. He shared the example of how the Congress stepped in to make exemptions for mainstream financial markets so that it continues to grow. Hence, Mark Cuban’s appearance before the Senate and House Committees would make it a compelling case for crypto’s future prospects. He explained,
“It’s time for Congress to respond again and modify the exemptions available to this technology (crypto) so that registration is obvious and the path for exchanges are doable in a way that protects investors and enables the industry to grow. They are not mutually exclusive.”
Interestingly, Cuban predicted that a majority of crypto market companies would be nonexistent in the coming future, just as many in the technology sector.
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