Pro-XRP lawyer John Deaton has stepped in to defend the listing of the TRUMP meme coin on major cryptocurrency exchanges such as Coinbase and Kraken, despite growing scrutiny from regulators and skepticism within the crypto community.
In a statement, Deaton addressed criticisms surrounding the coin’s inclusion on these platforms, particularly from those questioning its ethical and legal implications. He argued that if he were still practicing law, he would have recommended the token be listed, citing the potential conflicts with the U.S. Securities and Exchange Commission (SEC). “How could the SEC, in good faith, continue prosecuting Coinbase and Kraken for selling crypto tokens when they sell a crypto token issued by the President of the United States?” Deaton questioned.
The TRUMP meme coin, themed after former U.S. President Donald Trump, has garnered attention not only for its association with a political figure but also due to its market volatility. Since its debut, the token has been subject to pump-and-dump schemes, with its value initially spiking before facing stiff competition from other meme coins like MELANIA. Crypto analyst Ali Martinez has pointed to a possible price bounce as the coin consolidates.
While some, including Shark Tank investor Mark Cuban, have dismissed the token as “stupid and embarrassing,” Cuban acknowledged the coin’s role in reflecting a shift in U.S. fintech policies, which may allow more innovative cryptocurrencies to flourish. Cuban also shared his own plans to launch a meme coin, with proceeds earmarked to help reduce the U.S. national debt.
Deaton also offered advice to Trump and his team on the potential use of profits from the TRUMP coin. He suggested that any excess revenue could be directed toward helping Americans affected by natural disasters such as hurricanes and wildfires. “This would prove the potential of blockchain technology as positive while putting America first,” Deaton said, emphasizing how the use of cryptocurrency could address social issues.
The TRUMP coin’s listing comes at a time when meme coins, despite their popularity, are receiving growing scrutiny. Exchanges like Coinbase and Kraken have labeled the token as “Experimental,” warning users of its volatility and risks. Despite the controversy, these platforms maintain their commitment to offering access to a wide range of digital assets, including high-risk, high-reward meme coins.
As the cryptocurrency industry continues to evolve, the TRUMP coin’s market performance and its impact on the sector remain uncertain, with both critics and supporters watching closely.
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