Billionaire Mark Cuban, who once considered launching his own meme coin, announced he had abandoned the idea after a tumultuous week in this market.
Meme Coin Too Risky, Cuban Does Not Want to Participate
In a conversation with Decrypt, #MarkCuban stated that he no longer wants to participate in the meme coin space due to a lack of transparency and fairness.
💬 "I don't want to get involved in a 'musical chairs' game," Cuban said, referring to the fact that retail investors can easily become victims in transparent-lacking meme coin projects.
This decision was made right after the Libra scandal – a meme coin supported by Argentine President Javier Milei. This token quickly reached a market cap of $4.5 billion, but then collapsed when the development team withdrew all the funds. The incident led to Milei facing fraud charges and the risk of impeachment.
Mark Cuban Once Had the Idea to Launch a Meme Coin 'Supporting U.S. Public Debt'
Before deciding to withdraw, Cuban had proposed a meme coin operating under the model of $TRUMP token – the coin of former President Donald Trump.
📌 A unique point in Cuban's plan is that all revenue from the project will be transferred to the national budget to reduce U.S. public debt.
💬 "If you want to gamble, go ahead, but at least use it to reduce the national debt," Cuban once declared.
However, after the Libra scandal, Cuban changed his perspective. He believes the meme coin market needs stricter investor protection measures, but currently, that does not exist.
Meme Coin – A Playground Not for Cuban?
The crypto market changes extremely quickly, and Cuban may never launch his own meme coin if the industry does not have clearer regulations.
🛑 Notably, the U.S. Securities and Exchange Commission (SEC) seems uninterested in meme coins. According to Hester Peirce, acting chair #SEC under Trump, most meme coins may not fall under the jurisdiction of this agency.
Although Cuban has withdrawn, meme coins remain a high-risk playground with 'rug pulls' that can occur at any time. 🚨 #anhbacong