Mark Cuban, a U.S. investor known for his role on Shark Tank, has blasted the new meme coin trend following the launch of the U.S. President’s official token, TRUMP, and the First Lady’s token, MELANIA.
For Cuban, the emergence of these tokens will have a negative impact on the cryptocurrency industry, as it will encourage several actors to launch their own meme tokens without any associated consequences.
Answering a post that explained how TRUMP could be long-term bullish for the environment, Cuban stated:
Mint it, Print it, Sell it, Fxck it. That is the mantra for the world you are suggesting. This is the biggest bunch of self-serving bxllshit I have ever heard.
Furthermore, Cuban stated that Gary Gensler, former chair of the Securities and Exchange Commission (SEC), should be laughing watching these events. “The new head of the SEC has got to be pissed. If he believes this nonsense, he has no ability to enforce any SEC law. Stock, token. Bond. Nothing,” he stressed.
Cuban later assessed that he could issue his own meme coin with tokenomics similar to those of TRUMP. However, he proposed that all revenue from the sale of this hypothetical token would be deposited into the U.S. Treasury to help pay down the country’s debt.
“If you want to gamble, gamble. But at least use it to make a dent in the U.S. debt,” Cuban concluded.
While Trump’s meme token has shaken the cryptocurrency community, creating billions in wealth out of thin air in less than a day, it has also raised concerns about the space’s future.
Read more: TRUMP Token Stuns Crypto World, Becomes 14th Largest by Market Cap in Record Time
Cuban’s opinions resonate with other crypto natives who have also expressed worries about how this might affect the industry, with many considering it a mistake.
Read more: Former Coinbase CTO Balaji Srinivasan Rails Against Memecoins, Calls Them ‘Zero-Sum Lottery’
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