Billionaire Slams Former SEC Internet Enforcer, Defends Cryptocurrency

In an interview, John Reed Stark, the founder and former chief of the SEC’s Office of Internet Enforcement, said cryptocurrency has little or no use. Entrepreneur and Dallas Mavericks owner Mark Cuban took exception. Challenged to name something that cryptocurrency can do better than its competitors, Cuban responded, “Weather insurance. Money transfer. Provenance for digital files. Marketplace efficiency for digital content. Personal banking. Prediction markets. Non-fractionalized banking. Structured financial products. Fractionalization of assets. Gaming rewards. And soon ticketing,” Stark explained that he appreciates blockchain, but not the “self-interested cadre of promoters shilling crypto,” and called ransomware attacks a major societal threat.