Mark Cuban rails against memecoins like Official Trump: You get 'a seat in a game of musical chairs'

Billionaire entrepreneur Mark Cuban criticized the crypto community's reaction to President-elect Donald Trump launching his own memecoin , arguing that such tokens provide little value and that the rules still need to be followed.

Cuban was responding to a thread that suggested Trump's memecoin Official Trump has removed regulatory concerns from potential token issuers, opening the doors for every company to have its own token. The Shark Tank host said this approach would avoid real ownership and only lead to speculation.

"Hello every scam targeted at everyone and anyone who has no clue about crypto," Cuban posted on X. "Good bye whatever hope the crypto industry had of legitimizing itself."

Cuban said that if the new SEC Chair took this approach, he couldn't enforce any SEC law.

"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," he added.

In follow-up comments, Cuban  questioned whether there would be any value proposition or utility to the buyer if entities like Harvard created their own tokens.

When someone argued that token contracts could help projects prove ownership of tokens — while it's hard to prevent against fakes in real life — Cuban was critical that most people would understand how it worked, adding , "And what exactly do you get with a meme coin except a seat in a game of musical chairs?"