After considering launching his own meme coin, billionaire Mark Cuban has backed out, citing concerns over transparency and fairness in the sector.
Mark Cuban Shelves Meme Coin Plans: “A Lot Has to Change”
Billionaire entrepreneur Mark Cuban. Image: Shutterstock.
After a week of chaotic meme coin controversy, tech entrepreneur Mark Cuban is distancing himself from the volatile sector. The billionaire, who had publicly considered launching his own meme token in recent weeks, told Decrypt he now has no such plans.
“A lot has to change in terms of transparency, and more importantly, fairness,” Cuban said of meme coins. “I don’t want to be involved in a game of musical chairs.”
His change of heart comes in the wake of a massive scandal in Argentina. Over the weekend, the country’s president, Javier Milei, faced backlash after endorsing and promoting a meme coin called Libra, which claimed to fund small Argentine businesses. The token skyrocketed to a $4.5 billion market cap before crashing within hours as the team behind it executed a classic rug pull.
Milei’s supposed meme coin advisor, Hayden Davis, later admitted in interviews that he pulled $100 million from the project and is now sitting on funds he “doesn’t know what to do with.” The scandal, now known as “Cryptogate”, has led to fraud charges against Milei and calls for his impeachment.
Cuban’s Meme Coin Idea: A Different Approach
Prior to the Libra fiasco, Cuban had expressed cautious optimism about meme coins, despite their speculative nature.
His proposal came after Donald Trump launched his own TRUMP token last month—a move Cuban dismissed as “self-serving bullshit.” Instead, the former Shark Tank host suggested launching a similar token, but with one key difference:
“All the revenue from the sale of the coins goes to the US Treasury. The wallet address will be published so everyone can track it.”
His idea was to use a meme coin to help reduce the US national debt.
Though Cuban often makes bold statements to prove a point rather than act on them, he seemed serious about the proposal. Just over a week after floating the idea, he even reposted a clip of Barstool Sports founder Dave Portnoy, who wondered aloud whether it was possible to make “a shit ton of money” on a meme coin without scamming people.
The Meme Coin Wild West
Cuban’s skepticism reflects a broader concern about the meme coin industry’s lack of consumer protections. With high-profile rug pulls and manipulative launches becoming common, the sector remains highly speculative.
Even as Trump’s meme coin gained traction, the SEC’s acting chair, Hester Peirce, hinted that most meme coins likely won’t be subject to regulatory oversight.
For now, it seems Cuban won’t be jumping into the meme coin game—at least, not until the rules of the game change.
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