June 16 (Cointime) - Mark Cuban, a billionaire and cryptocurrency advocate, has defended the cryptocurrency industry while criticizing the traditional banking system. He responded to criticism from former SEC official John Reed Stark, highlighting the irony in Stark's criticism of "groupthink" among cryptocurrency users.

Cuban also revealed a controversial practice within the banking industry, where regulators allow banks to work around the FDIC's insurance limit of $250,000. His comments challenge the perceived security of banks and raise questions about regulatory practices and implications for depositors.