Attorney John Deaton recently shared his thoughts on the launch of the Trump meme coin. The crypto community is split and some people believe Trump’s meme coin will attract new investors and help crypto gain more acceptance. Others, like Deaton, are worried that it could harm the industry’s credibility.
For Deaton, the issue isn’t the meme coins themselves but the broader implications they have for the crypto industry’s reputation. On the Good Morning Crypto Show, he warned that while meme coins can attract attention and investors, they may also contribute to the public perception of crypto as a “casino” or speculative market, rather than a legitimate technology with real-world utility. Deaton’s concern is that if meme coins dominate the conversation, it could overshadow the more serious and transformative potential of blockchain technology.
“I think we’ve been fighting for crypto survival for the past five years, but now we have to fight for legitimacy,” he said. Deaton fears that if the industry doesn’t push for real utility and focus on solving world problems, it may become mired in hype and speculation.
Looking Ahead
“We must not just survive, but serve,” he said, stressing the importance of pushing for blockchain technology that can truly solve global problems. If meme coins like Trump continue to dominate, the public perception of crypto could shift towards viewing it as a speculative gamble. He believes that the new leadership could allow for a more balanced approach to crypto regulation, one that doesn’t unfairly target legitimate projects like Ripple, Coinbase, and others.
“We witnessed a war against crypto. But I have a concern and my concern is that in this country sometimes we have this tendency to go from one extreme to the other extreme. So we’ve had this completely unfair war against crypto and that doesn’t mean we want complete freedom for all where there are no rules, no regulations,” Deaton said.
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