Billionaire entrepreneur and investor Mark Cuban had some harsh words for the cryptocurrency industry in the midst of multiple Donald Trump-themed coin launches that have been accused of being pump-and-dump schemes.
Over the weekend, a Trump meme coin appeared to create a $25 billion infusion of value for the president-elect. This morning, it was followed up by a coin from incoming First Lady Melania Trump that caused the original Trump coin to crash in value.
Arca's chief information officer Jeff Dorman hailed the development as "incredibly long-term bullish" for the crypto industry — but Cuban, posting to X in response, had a very different assessment.
"Mint it, Print it, Sell it F--k it. That is the mantra for the world you are suggesting," wrote Cuban, who hit the campaign trail as a surrogate for outgoing Vice President Kamala Harris last year. "This is the biggest bunch of self serving Bulls--t I have ever heard. In your world there is no ownership. Just speculation. Hello every scam targeted at everyone and anyone who has no clue about crypto. Good bye whatever hope the crypto industry had of legitimizing itself."
ALSO READ: 'Game, set, match': James Comer dared to go head to head with Liz Cheney in a hearing
Outgoing Securities and Exchange Commission chief Gary Gensler "has got to be laughing his ass off. And the new head of the SEC has got to be pissed," Cuban continued. "If he believes this nonsense he has no ability to enforce any SEC law. Stock, token. Bond. Nothing 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."
"I’ll say it again. Mint it, print it, sell it F--k it," Cuban repeated. "That is the mantra for the world you are suggesting."
