US President-elect Donald Trump’s launch of his own cryptocurrency, $TRUMP, has created a storm in the crypto world, with its market capitalization soaring to several billion dollars in a short period. The meme coin was released just days before Trump’s inauguration as the 47th President of the United States.
Critics have raised concerns that the timing of the release may be an attempt by Trump to cash in on his presidency. There is a growing concern that this move could fuel speculation, with investors rushing to capitalize on the hype before the value crashes.
In light of this, attorney John Deaton has weighed in on the broader state of the cryptocurrency market, particularly in relation to ongoing legal cases involving major crypto players like Ripple, Coinbase, Kraken, and LBRY. Deaton, who has been heavily involved in filing amicus briefs for users, developers, and investors, expressed frustration with the resources and energy spent on these cases over the past few years.
He said that many of these legal battles—particularly the SEC’s case against Ripple—are non-fraud cases, meaning that the companies involved have not engaged in fraudulent activity, yet they have incurred massive legal expenses and losses.
DISMISS CRYPTO CASES
The day after @realDonaldTrump launches a Presidential Meme Coin, and after attending the Inaugural Crypto Ball, where America’s newly appointed Crypto Czar, @DavidSacks, declared the war on Crypto over, promising America will usher in a Golden Age of…
— John E Deaton (@JohnEDeaton1) January 19, 2025
Deaton further criticized the SEC’s approach, arguing that the regulatory body’s actions are politically motivated and harmful to American businesses and innovation. He said that Ripple has spent over $150 million in legal fees, and other companies like Coinbase and Kraken have similarly faced mounting legal costs.
Despite their efforts to cooperate, these companies are still being targeted by regulators. Deaton stressed that if a new “Golden Age of Innovation” is indeed on the horizon, the SEC should dismiss these non-fraud cases in order to allow companies like Ripple, Coinbase, and others to thrive without the burden of legal battles.
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