SEC Tweet On Coinbase Gets Pounced On By Mark Cuban — Financial Scams 'Every Minute' On Twitter, But Not One Will Be Stopped Ever

Mark Cuban voiced his disappointment on Tuesday with the Securities and Exchange Commission’s (SEC) inability to address the extensive propagation of financial scams on Twitter.

What Happened: Cuban was responding to the Securities and Exchange Commission (SEC) tweet against major crypto exchange Coinbase Inc COIN. 

The SEC accused Coinbase of operating as an unregistered national securities exchange, broker, and clearing agency, as well as failing to register its crypto asset staking-as-a-service program.

Cuban took to Twitter to voice his concerns about how pervasive financial scams are on the platform. "There are thousands of financial scams every minute on Twitter. Just scroll and they are everywhere, ripping off investors continuously.  Not one of them will be stopped today, tomorrow or the next day.  Why is nothing ever done ?"

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Why It Matters: The ongoing challenge of crypto regulation has been a thorn in the side of both regulators and crypto firms. 

This comes as Coinbase CEO Brian Armstrong is holding firm Tuesday in a legal battle with the SEC expressing his determination to “get the job done” in the face of the regulatory agency’s lawsuit. Armstrong responded to the SEC complaint filed against Coinbase in a tweet, asserting that his company is ready to go to court to gain clarity on regulations around cryptocurrencies.

Meanwhile, Bitcoin BTC/USD the world's biggest cryptocurrency by market capitalization broke the $27,000 mark and continues to trend upward, despite the SEC's announcement of a second lawsuit against Coinbase, a direct competitor of Binance.

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