The TRUMP meme coin, a cryptocurrency themed after former President Donald Trump, has gained attention due to its recent listings on major exchanges. Pro-XRP lawyer John Deaton, known for his involvement in high-profile cryptocurrency cases, shared his views on the controversy surrounding the listing of TRUMP coin by prominent exchanges like Coinbase and Kraken.
John Deaton Defends TRUMP Coin Exchange Listings
Pro-XRP lawyer John Deaton has decided to address the criticism aimed at the exchanges for listing the TRUMP meme coin. Some people in the industry have criticized the inclusion of the token on exchanges such as Coinbase and Kraken based on ethical and legal considerations. However, Deaton further said that if he was still practicing as a lawyer, he would have recommended the token to be listed in these exchanges.
John Deaton stated that the enforcement approach used by the Securities and Exchange Commission (SEC) could be a concern if a token linked to a former U.S. president was being traded.
He said,
“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?”
TRUMP Coin’s Market Volatility and Public Reaction
Since the time that the TRUMP meme coin was launched on the market it has been quite volatile. Pump and dump schemes have also been noted, where the token was first traded up, but then faced competition from other meme coins including MELANIA.
Crypto analyst, Ali Martinez noticed a falling wedge on the lower time frame chart of the coin, indicating that there might be a TRUMP Coin price bounce back from the current consolidation phase.
The listing of TRUMP coin has also attracted controversy among the cryptocurrency community and in financial circles. Shark Tank investor Mark Cuban, who was less than impressed by the token, described it as “stupid and embarrassing” nonetheless, he conceded that it demonstrated a change in the US’s fintech stance towards allowing more innovation. Cuban also shared that he wants to establish his meme coin, and all the income generated from it will go to the U.S. Treasury to help pay off the national debt.
John Deaton Calls for Transparency and Charitable Use of Profits
Pro-XRP attorney John Deaton also gave unsolicited advice to Donald Trump and his advisors on the profits from the TRUMP coin. He proposed that any excess revenue should be spent on the American citizens who have been impacted by disasters such as hurricanes and wildfires.
“This would prove the potential of blockchain technology as positive while putting America first and ensuring that President Trump’s administration leaves a mark,” Deaton said. He noted that such an initiative can help to demonstrate how the concept of cryptocurrency can be harnessed in the solving of social problems.
John Deaton also added that Trump has become a billionaire on paper and therefore, has other options open to him after the presidency. He noted that redirecting the profits of the token could be a brilliant chance for the US president to use blockchain for the benefit of the society.
Growing Scrutiny of Meme Coins in the Crypto Industry
The listing of TRUMP coin comes at a time when meme coins are drawing both interest and skepticism in the crypto space. While the coin has achieved high trading volumes on platforms like Binance and Robinhood, its long-term viability remains uncertain.
Critics argue that such tokens could harm the reputation of the cryptocurrency industry, while supporters see them as a way to expand innovation.
Coinbase categorized the TRUMP coin as an “Experimental” asset, warning users about its volatility and risks. Kraken also faced backlash for its decision to list the token, though both exchanges have maintained that their platforms aim to provide access to diverse digital assets.
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