Former SEC Official Lambasts Voyager and Dallas Mavericks Partnership, Suggests NBA Ban on Crypto Sponsorships
Yesterday, a former SEC official targeted the NBA’s decision to greenlight a partnership between the cryptocurrency exchange Voyager Digital and the Dallas Mavericks.
The former internet enforcement chief for the Securities and Exchange Commission John Reed Stark said that the NBA should be held responsible for crypto-related misconduct by NBA teams.
The NBA is Charged With Crypto Fraud: It’s About Time.
The crypto carnage fallout continues as Voyager’s investors have just filed a 108-page proposed class action against the National Basketball Association (NBA) and the law firm McCarter & English for their roles in the… pic.twitter.com/c3qLqZDj58
— John Reed Stark (@JohnReedStark) February 8, 2024
Stark took to social media to voice his concerns. He argued that the NBA should bear some responsibility for any wrongdoing associated with crypto engagements by its teams. Stark drew a stark comparison, suggesting that if a team were to partner with organizations involved in illegal or unethical activities, the NBA would swiftly intervene. He believes the same standards should apply to crypto partnerships.
“By partnering with Voyager, the Mavs not only shamelessly exploited their fans and players by shilling crypto FOMO and diamond hands, but the Mavs also share culpability for the devastation that Voyager wreaked upon its investors,” Stark said. “Think of it this way: if the Washington Wizards decided to partner with a heroin manufacturing firm or a blood diamond mining company, the NBA would certainly step in and prohibit that arrangement. The same should go for crypto-partnerships.”
The partnership between the now-defunct Voyager and the Mavericks resulted in a class-action lawsuit from investors. The October 2021 partnership was
