John Deaton, a pro-XRP counsel, is defending the TRUMP meme coin listings on Coinbase and Kraken in the face of SEC scrutiny and market volatility.
The TRUMP meme coin, a cryptocurrency themed after former President Donald Trump, has recently garnered attention due to its recent listings on major exchanges. John Deaton, a lawyer recognized for his involvement in high-profile cryptocurrency cases and proponent of XRP, expressed his opinion on the controversy surrounding the listing of TRUMP coin on reputable exchanges such as Kraken and Coinbase.
TRUMP Coin Exchange Listings are Defenced by John Deaton
John Deaton, a lawyer who advocates for XRP, has chosen to respond to the criticism directed at the exchanges for listing the TRUMP meme coin. The incorporation of the token on exchanges like Coinbase and Kraken has been the subject of criticism from certain industry professionals due to ethical and legal concerns. Nevertheless, Deaton stated that he would have recommended the token’s listing on these exchanges if he still practiced law.
According to John Deaton, the Securities and Exchange Commission’s enforcement strategy could cause concern if a token associated with a former US president were being traded.
He stated,
“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?”
The Public Reaction and Market Volatility of TRUMP Coin
The TRUMP meme coin has been highly volatile since its introduction to the market. In addition, pump and dump schemes have been identified, in which the token was initially traded at a high price but subsequently encountered competition from other meme currencies, such as MELANIA.
Ali Martinez, a crypto analyst, observed a declining wedge on the lower time frame chart of the coin, suggesting that the price of TRUMP Coin may rebound from the current consolidation phase.
The registration of TRUMP coins has also sparked controversy in the financial community and among the cryptocurrency community. The Shark Tank investor Mark Cuban was less than impressed by the token, describing it as “stupid and embarrassing.” However, he acknowledged that it represented a shift in the United States’ posture on fintech, which is to encourage more innovation. Additionally, Cuban disclosed that he intends to establish his meme currency, with the entirety of the revenue generated going to the US Treasury to assist in the repayment of the national debt.
John Deaton Advocates for Transparency and the Charitable Utilization of Profits
John Deaton, an attorney who advocates for XRP, also provided Donald Trump and his advisors with unsolicited advice regarding the proceeds from the TRUMP coin. He proposed that any surplus revenue be allocated to assistance for American citizens affected by disasters like wildfires and hurricanes.
Deaton stated, “This would demonstrate the positive potential of blockchain technology, prioritize America, and guarantee that President Trump’s administration leaves a lasting impression.” He observed that this initiative has the potential to illustrate how the concept of cryptocurrency can be applied to the resolution of social issues.
John Deaton also stated that Trump has achieved billionaire status on paper and, as a result, has additional options available after the presidency. He observed that the US president could capitalize on blockchain technology by redirecting the token’s profits to advance society.
The crypto industry is increasingly scrutinizing meme coins
The listing of TRUMP coins coincides with a period in which meme currencies generated enthusiasm and skepticism within the crypto community. Although the coin has attained substantial trading volumes on platforms such as Binance and Robinhood, its long-term sustainability remains uncertain.
Critics contend that these tokens could damage the cryptocurrency industry’s reputation, while advocates regard them as fostering innovation.
Coinbase classified the TRUMP coin as an “Experimental” asset, cautioning users about its volatility and potential hazards. Kraken also encountered criticism for its decision to list the token; however, both exchanges have maintained that their platforms are designed to ensure that a wide range of digital assets are accessible.
