Mark Cuban Says California’s New Crypto Leap is “HUGE”—Is He Right?

Mark Cuban is getting a lot of attention on Twitter (or X) for cheerleading California’s latest crypto move. Finally, the "crackhead and homeless capital of America" that transplants are fleeing, driving up home prices where I live, is making news that doesn't involve a Silicon Valley CEO getting stabbed.

(Source: San Francisco Chronicle)

The billionaire investor and “shark”, has given a big thumbs up to the California DMV for digitizing 42 million car titles using blockchain technology. That's right, the DMV—usually known for making us wait in line forever—is now leading the charge in efficiency. If this doesn't deserve a slow clap, I don't know what does.

Mark Cuban, always ready with a sharp one-liner, joked on X (formerly Twitter) that SEC Chair Gary Gensler might just have to sue California for being too crypto-friendly. Classic Cuban, right? He also emphasized how revolutionary this move is for the crypto world. By putting crypto wallets in the hands of millions of Californians, the state is doing more for crypto adoption than Michael Saylor’s laser eyes could ever dream of. While they’re at it, couldn’t they also move some of those tents and needles off the streets of San Francisco? I guess that’s not nearly as important. Makes sense.

So, what’s this “HUGE” move according to Cubes? The California DMV decided it's finally time to toss out the stone tablets and join the digital age. They've teamed up with Avalanche—not the kind that covers your driveway in snow, but the blockchain variety—to turn car titles into digital tokens. 

I don’t know about you, but my last experience at the DMV consisted of waiting 2 hours next to a bunch of ex-convicts waiting for the secretary from Monsters Inc. to ask me to show her the declaration of independence. With this move, maybe we can finally leave those DMV nightmares behind.

A DMV spokesperson, who might just deserve a purple heart, mentioned that this blockchain technology will reduce the transfer time from two weeks to just a few minutes. No more DMV lines that feel longer than the plot of "Inception." This upgrade doesn’t just speed things up; it makes transactions safer and more transparent, reducing the risk of fraud. Plus, it opens the door to possibilities like fractional car ownership. Ever wanted to own a fraction of a vintage Mustang instead of forking up all the cash on your own? Well, now you can. Although, I still don’t understand why you need crypto to do that.

And you should know, this isn’t the only crypto project California is working on. Governor Newsom, infamous for running California into the ground, well his crypto vision is in full swing. The DMV, teaming up with Oxhead Alpha, is building a digital system and app to make managing vehicle titles as easy as ordering a pizza. With over 39 million residents, this new app, expected early next year, is set to revolutionize the process.

But it’s not just the California DMV getting a renovation. Deloitte and Ava Labs are teaming up to create a disaster recovery platform for FEMA. The goal is to speed up and streamline the aid distribution process, making it quicker and easier for people to get the help they need during emergencies. Meanwhile, financial giants like Citi and J.P. Morgan are testing blockchain technology to see how it can revolutionize trading. Blockchain might actually be good for something other than confusing your grandma after all. But if my next DMV appointment takes longer than two minutes, I might just challenge the secretary to a thumb war.

Stock.News does not have positions in companies mentioned.