Billionaire entrepreneur Mark Cuban criticized the crypto community's reaction to President-elect Donald Trump launching his own memecoin, arguing that such tokens provide little value and that the rules still need to be followed.
Cuban was responding to a thread that suggested Trump's memecoin Official Trump has removed regulatory concerns from potential token issuers, opening the doors for every company to have its own token. The Shark Tank host said this approach would avoid real ownership and only lead to speculation.
"Hello every scam targeted at everyone and anyone who has no clue about crypto," Cuban posted on X. "Good bye whatever hope the crypto industry had of legitimizing itself."
Cuban said that if the new SEC Chair took this approach, he couldn't enforce any SEC law.
"Rather than modifying the IPO process to accept crypto and give investors some understanding of what they are buying, any registration requirements just flew out the window," he added.
In follow-up comments, Cuban questioned whether there would be any value proposition or utility to the buyer if entities like Harvard created their own tokens.
When someone argued that token contracts could help projects prove ownership of tokens — while it's hard to prevent against fakes in real life — Cuban was critical that most people would understand how it worked, adding, "And what exactly do you get with a meme coin except a seat in a game of musical chairs?"
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
