CNBC host Jim Cramer expressed his concerns about the future of crypto exchange Binance following the SEC lawsuit. Mark Cuban, on the other hand, targeted Jim Cramer’s crypto criticism amid SEC actions. By the way, the ‘ReverseCramer’ effect still seems to apply!
Jim Cramer: Withdraw your cryptocurrencies on Binance!
CNBC host Jim Cramer recently shared his analysis of the US SEC’s accusations against Binance. Cramer’s harsh views on the matter have raised concerns about Binance’s future. It has also sparked controversy within the crypto community. As you follow on Kriptokoin.com, the SEC’s accusations against Binance include allegations of deceptive practices and violations of securities laws. This poses a significant challenge for the company.
Jim Cramer underlines the seriousness of the SEC’s findings in a series of tweets. As such, he suggests even ardent advocates of Binance will have to reflect on the situation. He also predicts that those who actively support the cryptocurrency will have to make tremendous efforts to maintain what he perceives as a dubious undertaking. Cramer’s assessment reveals the significant impact of the SEC’s investigation on Binance and its backers.
Mark Cuban takes aim at Jim Cramer’s crypto criticism
Following Jim Cramer’s criticism, Mark Cuban questioned the SEC’s approach to investor protection. Cuban suffered a Twitter hack today. After that, his latest tweet about Solana caught the attention of many. Solana, a blockchain platform often touted as the “Ethereum killer,” rivals popular competitors like Hedera, Near, and Cardano, among others. Known for its ability to process large numbers of transactions with lower fees, Solana became the fifth largest cryptocurrency with a market cap of over $66 billion in 2021. However, its value has since dropped to about $8 billion.
In particular, Mark Cuban, one of the leading proponents of cryptocurrencies and an investor in Layer-2 network Arbitrum, responded to Cramer’s tweets. Cuban admits that he does not compare crypto to stocks. However, it questions the SEC’s approach to protecting investors in various markets. Cuban voices his concerns about the large number of OTC or Pink Sheets stocks that are not listed on exchanges. He asks what percentage of these stocks are owned by real companies. In a cynical but curious tone, Cuban wondered about the SEC’s efforts to shield investors from such stocks, questioning whether they were even doing enough.
Hey Jim. What about the 18k or so stocks trading OTC /Pink Sheets that are not traded on exchanges ? What percent do you think are real companies ? Not comparing these to crypto. Just looking at the approach the SEC takes to protect investors from many of these registered…
— Mark Cuban (@mcuban) June 6, 2023
Reverse Cramer effect: Bitcoin regains previous levels!
Jim Cramer’s criticism reflects concerns about Binance’s future. On the other hand, others in the industry are expressing their disappointment with the regulatory action. The SEC lawsuit highlights the ongoing debate over the regulation of cryptocurrencies and the difficulties exchanges face in maintaining compliance while fostering innovation. By the way, ‘inversecramer’ is still valid. Because, the Bitcoin price is back to the level before the SEC blamed Binance.
In a recent development following the lawsuit against Binance, the US Securities and Exchange Commission (SEC) has filed a lawsuit against Coinbase, a leading cryptocurrency exchange. The SEC alleges that Coinbase is acting as an unregistered broker by participating in the offering and sale of securities. This lawsuit against Coinbase adds to the ongoing scrutiny and regulatory challenges of the cryptocurrency industry.
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