Billionaire investor and Shark Tank fame Mark Cuban criticized the growing popularity of memecoins and said that it undermines the “value and utility” of cryptocurrencies.

What Happened: When asked about President Donald Trump‘s support for cryptocurrency and memecoins, Cuban told the Block that “Memecoins and gaming TVL sets a bad example to people who want to try to understand the utility and value of crypto.”

Trump has been personally involved in promoting assets like memecoins via his sons’ ventures and also via Trump Media & Technology Group Corp.’s DJT foray into the space.

The President owns DJT through a trust. Specifically, he transferred his shares in the company to a trust controlled by his son, Donald Trump Jr., to mitigate potential conflicts of interest ahead of his swearing-in ceremony.

However, Cuban was supportive of Trump’s efforts to regulate cryptocurrencies at large. “I’m glad to see what he has done from a regulatory perspective,” he said, adding, “I’m thrilled to see changes at the SEC. They are long overdue.”

See Also: Tinder Parent Match Group Cuts 13% Of Workforce After Earnings Miss, Taps Gen Z Features Like ‘Double Date’ To Spark Growth

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Why It Matters: A Trump-owned business entity holds a 60% stake in World Liberty and receives 75% of all coin sale revenue. Eric Trump and Donald Trump Jr. are involved in management, while Zachary Folkman, Chase Herro, and Zach Witkoff handle daily operations.  

This Trump family-backed platform launched its stablecoin $TRUMP TRUMP/USD in January alongside other digital currencies. The coin has surged 1082.11% since it began trading on Jan. 18.

As of the publication of this article, it was 18.91% at $14.44 per coin.

The SPDR S&P 500 ETF Trust SPY and Invesco QQQ Trust ETF QQQ, which track the S&P 500 index and Nasdaq 100 index, respectively, were slightly higher in premarket on Friday. The SPY was up 0.33% to $566.90, while the QQQ advanced 0.46% to $490.52, according to Benzinga Pro data.

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Photo Courtesy: Akif CUBUK on Shutterstock.com