Mark Cuban announces a new meme coin to fund U.S. national debt reduction

Businessman Mark Cuban has announced the launch of a meme coin that will mimic the TRUMP token. Unlike other meme coins, however, the income from the sale of the coin will be used to pay off the U.S. national debt.

Cuban laid out his plans on X, saying that the meme coin would work similarly to the $TRUMP token, with only 20% of it being available for trading and the release schedule being identical to the $TRUMP coin. Cuban stated, “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 goes to the U.S. Treasury.” 

He stated that the initiative is to leverage meme coin speculation to solve the U.S debt. Cuban added, “If you want to gamble, gamble. But at least use it to make a dent in the U.S. debt.” Cuban also confirmed the project’s transparency, as the Treasury’s wallet address will be shared, where the funds can be tracked. 

Cuban questions TRUMP coin’s impact on crypto industry

In another post on X, Cuban Brought attention to the TRUMP coin, stating that its poor start will only make it difficult for the digital asset market to gain credibility. He cited concerns about the future of TRUMP and opined that the coin could jeopardize the ongoing process of regulating digital assets properly.

Cuban referred to the growing pressure among American legislators to define new cryptocurrency rules. He also mentioned the FIT21 Act, which can help determine the legal status of digital assets.

However, Cuban said that the launch of TRUMP is bad for the industry because it encourages investors to purchase tokens without fully understanding what they are purchasing. 

Cuban said, “Gary Gensler has got to be laughing his ass off,” referring to the SEC’s former chair.

The creation of TRUMP and MELANIA tokens by the U.S. President Donald Trump and First Lady Melania Trump just days prior to the president’s inauguration has raised conflict of interest issues. 

Although Trump has declared that his children will manage his assets after his inauguration, the creation of these tokens raises new ethical questions. The firms that created TRUMP and MELANIA said that these are not investments or securities but only an “expression of support.” These tokens come after other products with the Trump brand on them such as non-fungible tokens (NFTs), sneakers, and even a Bible.

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