The billionaire assesses that cryptocurrencies will face difficulties in "legalizing themselves" after the frenzy caused by Trump's memecoin.
Mark Cuban also wants to launch a memecoin, calling TRUMP a setback for the crypto industry. Image: Audacy
"Wheel tracks" to create memecoins?
Famous businessman Mark Cuban has just announced plans to launch a memecoin, with the unique goal of using all the revenue from token sales to reduce the US public debt.
On X, Cuban shared that this memecoin will operate similarly to the TRUMP token, with only 20% of the supply allowed to be traded and an identical release schedule. The Shark Tank star emphasized:
"If meme coins are the way, maybe I'll issue one. But the twist is that all the revenue from the sale of the tokens will be donated to the US Treasury."
If meme coins are the way, maybe I'll issue one. With a twist. Same terms as $TRUMP . 20% float. Same release schedule. One difference.
— Mark Cuban (@mcuban) January 20, 2025
All the revenue from the sale of the coins go to the US Treasury. The wallet address will be published so everyone can track it.
If…
Cuban argues that this project aims to capitalize on the memecoin speculation trend to address the national debt issue. The Treasury wallet address will be publicly disclosed so that everyone can freely monitor the cash flow.
However, this is just a plan, and we need to wait and see if the billionaire's memecoin will follow the same "wheel tracks" as the two meme coins of the Trump family!
Billionaire entrepreneur criticizes TRUMP
In another post, Cuban spoke out about the TRUMP token. According to him, the meme coin of President Donald Trump not only erodes public confidence in crypto, but also poses a major obstacle for the industry in legalizing and building a professional image.
Mint it, Print it, Sell it Fuck it. That is the mantra for the world you are suggesting.
— Mark Cuban (@mcuban) January 20, 2025
This is the biggest bunch of self serving Bullshit I have ever heard. In your world there is no ownership. Just speculation.
Hello every scam targeted at everyone and anyone who has… https://t.co/OgA1kE9aAX
The TRUMP memecoin was launched by CIC Digital LLC, a company that previously supported the sale of NFTs and official Trump merchandise, along with Fight Fight Fight LLC. 80% of the token supply is held by these companies and will be unlocked gradually over 3 years. During this time, they will profit from the token transaction fees.
However, this lack of transparency has raised concerns within the crypto community and among regulators. Analyst Ran Neuner also felt this way, initially accepting the TRUMP token because he thought it conveyed an important message to the world.
I was ok with the $TRUMP coin because of the signal it sent to the world! After $MELANIA, it's clear that they are now grifting at the expense of the entire crypto community - sucking liquidity out of the rest of the market.
— Ran Neuner (@cryptomanran) January 20, 2025
Don't get me wrong, as my timeline shows, I know…
However, after the launch of MELANIA, he made a strong U-turn, accusing the project of personal profiteering and draining liquidity from the market. He admitted to knowing about the launch of MELANIA and even "bragging" about the profits he made from it. Nevertheless, Ran could not support an action that seriously damages the crypto ecosystem.
Mark Cuban said that Trump's memecoin sets a "terrible standard" by not requiring investors to fully understand the product they are buying. He also mocked Gary Gensler, the outgoing SEC chairman known for his anti-crypto stance, who must be "happily smiling" as this action renders registration requirements and regulations meaningless.
In addition, Cuban compared TRUMP to Dogecoin (DOGE). He once praised Dogecoin as a project that started at less than a penny and developed into a genuine community. In contrast, he doubts TRUMP's ability to build a long-term community when its price does not have the "fun and cheap" starting point like DOGE. He asks: "Who will build this community?"
Controversy over the Trump family's tokens is far from over
The appearance of the Donald Trump and First Lady Melania Trump meme coins just before his inauguration has caused much ridicule, as well as becoming a burden on the Solana network. Although Trump has stated that his assets will be handed over to his children to manage after taking office, these tokens raise ethical questions. The issuers of TRUMP and MELANIA claim that these are not investments or securities, but merely a way to show support.
Currently, crypto-friendly politicians are pushing for the Financial Innovation and Technology for the 21st Century Act (FIT21) to create a clearer legal framework for digital assets. If passed, this bill will eliminate legal "gray areas" and bring crypto under the management of the Commodity Futures Trading Commission (CFTC). However, to become law, the bill requires bipartisan consensus, with a requirement of 7 Democratic votes in the Senate.
The price of TRUMP also reveals the speculative nature of memecoins. After reaching a peak of $73 on Sunday, the token quickly dropped 40% to $40 the next day after Melania Trump launched her own memecoin. The price of MELANIA was even more disastrous...
Price fluctuation of the TRUMP meme Bit, screenshot from CoinGecko at 10:10 AM on 21/01/2024
Price fluctuation of the MELANIA meme Bit, screenshot from CoinGecko at 10:10 AM on 21/01/2024
Coin68 summary
