July 31, 2021

Mark Cuban calls for stablecoin regulation

Mark Cuban calls for stablecoin regulation after dismissing on his own laziness responsibility for losses suffered during the Titan cryptocurrency crash.

US investor and billionaire Mark Cuban, who suffered heavy losses in the Titan cryptocurrency crash this week, admitted that he did not do enough research before investing in the cryptocurrency and called for greater regulation of “stablecoin”.

The price of Titan, a token of the Iron Finance project that serves to maintain the value of the ” stable part “IRON, went from $ 52 to zero in less than 24 hours on Wednesday, according to data from CoinMarketCap.

Mark Cuban, who owns the Dallas Mavericks club in the NBA and was one of the token’s liquidity providers, did not provide details on the amount lost.

As for the percentage of my cryptocurrency wallet, it was low, but enough to make me sad“, He declared at the microphone of Bloomberg.

The tycoon blamed his own laziness for the failure of the investment. “This whole decentralized finance thing is based on income and math and I was too lazy to calculate and determine the key metrics“, He told the media in an email.

The lesson learned from what happened should materialize in regulation, according to Cuban, who predicts the emergence of new stablecoins with new projects in this area. “There should be a regulation to define what a stable part is and the acceptable degree of collateralization“, did he declare.

The investor proposed that the mathematical risk assessment be clarified and approved before the launch of these assets used in cryptocurrency exchanges. “They may need to be registered, as stablecoins must reach hundreds of millions of dollars in order to be useful.“, He concludes.