After every week of chaotic meme coin controversy, tech entreprenuer Mark Cuban is distancing himself from the risky sector.
The billionaire, who publicly mulled launching his personal meme token in current weeks, instructed Decrypt he now has no such plans.
“Loads has to vary by way of transparency, and extra importantly, equity,” Cuban mentioned of meme cash. “I don’t wish to be concerned in a sport of musical chairs.”
Over the weekend, Argentinian president Javier Milei discovered himself embroiled in controversy after endorsing and selling a meme coin known as Libra, billed as “devoted to encouraging the expansion of the Argentine financial system by funding small Argentine companies and startups.” The token instantly soared to a $4.5 billion market capitalization, then tanked inside hours because the group behind the coin pulled the rug.
Milei’s so-called meme coin advisor, Hayden Davis, admitted in a number of interviews shortly thereafter that he pulled $100 million from the venture and is now sitting on funds that he doesn’t know what to do with.
The following scandal, dubbed “Cryptogate” in Argentina, has prompted fraud prices in opposition to Milei and requires his impeachment.
Previous to the Libra saga, Mark Cuban had expressed cautious optimism that meme cash could possibly be a drive for good, regardless of their status.
After President Donald Trump launched his personal TRUMP token final month—a transfer Cuban slammed as “self-serving bullshit” and pure hypothesis—the previous “Shark Tank” host proposed launching a equally structured coin, with a twist.
Cuban’s coin would function the identical tokenomics, and observe the identical launch schedule, however all income earned from the venture would profit the U.S. Treasury.
If meme cash are the best way, possibly I’ll problem one. With a twist. Identical phrases as $TRUMP . 20% float. Identical launch schedule. One distinction.
All of the income from the sale of the cash go to the US Treasury. The pockets tackle will probably be revealed so everybody can monitor it.
If…
— Mark Cuban (@mcuban) January 20, 2025
“If you wish to gamble, gamble,” Cuban mentioned on the time. “However at the least use it to make a dent within the US debt.”
Although Cuban is keen on boisterous public statements which are usually meant to show a degree fairly than be taken at face worth, it seems he was—at the least at one level—severe about his meme coin intentions.
Over every week after floating his token proposal, the Dallas Mavericks proprietor reposted a clip of Barstool Sports activities founder Dave Portnoy pondering whether or not “it’s attainable to make a shit ton of cash alone meme coin with out screwing individuals over.”
In crypto, although, so much can change in just some weeks. And if Cuban now received’t launch his personal token with out sweeping meme coin trade shopper protections, he could also be ready in useless. Weeks after Trump launched his personal meme token, the president’s performing SEC chair, Hester Peirce, mentioned that the majority meme cash seemingly received’t fall below the regulator’s purview.
