Mark Cuban suspends the launch of meme coin: Transparency and fairness require significant reform, and I don't want to get involved in the game of musical chairs.

Last month, well-known billionaire and owner of the NBA Dallas Mavericks, Mark Cuban, who had previously proposed issuing a meme coin to help reduce US debt, today told the media that he has temporarily abandoned the plan to issue a meme coin. (Background: Mark Cuban considers issuing meme coin: Gamblers, come in! All income donated to the Treasury to save US debt) (Context: Mark Cuban, a DOGE enthusiast: Every meme coin is a potential shitcoin, no illusions should be held...) American billionaire and owner of the NBA Dallas Mavericks, Mark Cuban, threw out a proposal in January to issue a meme coin to help reduce US debt, sparking community discussions. However, Mark Cuban's latest response indicates that he will temporarily shelve the plan to issue a meme coin. Mark Cuban Cancels Meme Coin Issuance Plan Mark Cuban stated today to Decrypt that after the chaos caused in the market this week by the promotion of the $LIBRA meme coin by the President of Argentina, he has temporarily given up on the idea of issuing a meme coin. "I don't have such a plan now (issuing a meme coin)." When talking about meme coins, he said, "There need to be many changes in terms of transparency, and more importantly, fairness. I don't want to get involved in a game of musical chairs." Over the weekend, Argentine President Javier Milei promoted the meme coin $LIBRA but later deleted the post, causing Market Cap to briefly exceed $4.62 billion within an hour, squeezing into the 33rd largest Token by Market Cap. $LIBRA experienced a big dump and currently only has $224 million left, with a dump of over 95%, causing significant losses to many investors. Hayden Davis, CEO of Kelsier Ventures, the creator of $LIBRA, admitted in an interview that he targeted the Token and withdrew $100 million in Liquidity, leading the community to question whether it was a rug pull. Coindesk reported yesterday that Davis allegedly bribed "Karina Milei", the sister of the current Secretary-General of the Argentine Presidency, Milei, to promote $LIBRA, but Davis later denied this. The Argentine President has instructed the country's anti-corruption office to investigate, while Milei is facing fraud charges and impeachment inquiries. Extending Reading: Taking money to do things? LIBRA founder: I bribed the sister of the Argentine President Milei to do whatever I wanted. Mark Cuban once considered issuing a meme coin to save US debt Last month, Mark Cuban posted on X platform that he was considering designing his own Meme coin based on the $TRUMP Token, planning to include a 20% circulating supply and the same release schedule as $TRUMP. He emphasized that the biggest difference between his plan and $TRUMP, which retains 80% for the team itself, is that he plans to donate all the income from the Token sale to the US Treasury to reduce US debt and will publicly disclose the relevant Wallet Address to ensure transparent fund allocation. Cuban believes that issuing a meme coin is not technically difficult, but more importantly, how to ensure transparency and fairness to avoid accusations of market manipulation or insider trading. He also pointed out that similar proposals in the market have not truly contributed funds to the Treasury. Some netizens mentioned that if the profits could be directly deposited into the BTC strategic reserve, it might have a more substantial impact than simply donating to the Treasury. However, Cuban responded that this needs to consider the specific challenges of implementation, and he emphasized that donating to the Treasury is his core concept, and transparent financial usage is the biggest feature of this plan. 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. 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... - Mark Cuban (@mcuban) January 20, 2025 Every meme coin is a potential shitcoin. It is worth mentioning that Mark Cuban, who is quite supportive of DOGE, bluntly stated in an interview last October that investors should not "hold illusions" about meme coins and that each meme coin may be a potential shitcoin. Although meme coins are fun, ultimately these assets have almost no support for their prices. For example, the recent popular MOO Deng is just a cute hippo, not the future of finance, and no one should hold any illusions about it. Each meme coin is a rug pull in the making, right? Because besides its fun, there is no real reason for it to continue to exist. He added: Meme coins are extremely unstable encrypted Tokens, largely driven by speculation on their prices by traders. They are usually based on internet memes, public figures, or world events. But fundamentally, it is a zero-sum game without creating much actual value. Related Reports: The decline of meme coins: Total Market Cap falls back to November 2021 levels, can Solana hold at $160 after a 40% drop in a single month? The dark forest of meme coins: Industrial harvesting assembly line earns millions a day, only one in a thousand retail investors can strike gold Kanye reveals: Someone offered me $2 million to "pretend to be hacked" and issue a meme coin to cut suckers, but I refused CZ's dog is named Broccoli(! But Zhao Changpeng emphasizes not issuing meme coins: How the community plays is none of my business. (Mark Cuban temporarily suspends issuing meme coins: Transparency and fairness require major reforms, I don't want to get involved in a musical chairs game) This article was originally published on the dynamic BlockTempo "Dynamic Trends in the Most Influential Blockchain News Media".