Donald Trump’s $TRUMP coin launch has sparked debates over its timing and impact on the crypto market. Meanwhile, attorney John Deaton criticizes the SEC’s costly legal battles against crypto firms, urging a shift to foster innovation.
$TRUMP Memecoin
Donald Trump’s new cryptocurrency, $TRUMP, has made a stir in the crypto community. Its market cap shot up to billions of dollars very quickly. People are upset that the release happened so close to Trump’s start as the 47th President of the United States.
They think that Trump is trying to make money off of his job. Some people are worried that the move could cause buyers to rush to buy before the value drops, which could lead to a speculative frenzy.
Lawyer John Deaton, who is known for being involved in some of the most important cryptocurrency cases in recent years, gave his opinion on the current state of the cryptocurrency market.
He talked about the current legal battles that big players like Ripple, Coinbase, Kraken, and LBRY are in, criticizing how much time and money these fights waste.
Deaton said that a lot of these cases, like the SEC’s lawsuit against Ripple, are “non-fraud cases.” This means that the companies haven’t done anything wrong, but they are still having a hard time with their finances and operations.
Legal fees have cost Ripple more than $150 million all by themselves, and other companies like Coinbase and Kraken are also having a hard time with the same kind of costs.
Deaton said that the SEC’s actions were political and that they hurt American companies and stifled new ideas. He wanted a change in how regulations are applied and asked the SEC to drop these cases that were not related to fraud.
This would open the door for a new era of innovation and let companies like Ripple and Coinbase grow without having to worry about legal problems all the time.
