John Deaton Backs TRUMP Coin Listings as SEC Scrutiny Heats Up

The TRUMP meme coin has been causing controversy since its release.

Major exchanges like Coinbase and Kraken have listed it and people are debating its legitimacy and impact on the crypto space. Pro-XRP lawyer John Deaton has weighed in and is defending the coin’s listings and addressing the ethical and legal concerns.

Deaton who is a crypto regulation advocate argued that exchanges can list any digital asset as long as they comply with the laws. He acknowledged the SEC’s approach may be a challenge but said innovation in the crypto markets is worth the risk.

Market Volatility and Public Perception of TRUMP Coin

Since its release the TRUMP coin has been very volatile. Pump and dump schemes have been reported and the coin is competing with other meme coins like MELANIA. Analysts like Ali Martinez have seen technical patterns that could be a recovery and traders are speculating.

Despite all this the TRUMP coin has been getting flak from financial experts. Investor Mark Cuban called it “embarrassing” but said it’s good to see the US is evolving on fintech. He even suggested he would create his own meme coin and donate the proceeds to the US Treasury to pay off the national debt.

Deaton’s Call for Transparency and Community Benefits

John Deaton suggested that the profits from the TRUMP coin should be used for charity. He asked former President Trump and his team to use the revenue for disaster relief like hurricane and wildfire victims.

“This would show the good side of blockchain while putting America first,” Deaton said. He said the TRUMP coin could set a precedent for using crypto to solve social problems.

Meme Coins Under Scrutiny in the Crypto Industry

The TRUMP coin is listed at a time when meme coins are under the microscope. They have become very popular but are still controversial. Critics say they can harm the crypto space while proponents say they make crypto more accessible and creative.

Coinbase has classified the TRUMP coin as an “Experimental” asset and warned users of the risks. Kraken has also gotten flak but defended its decision by saying it’s all about platform diversity.

As the debate continues Deaton’s support shows the growing divide between innovation and regulation in the crypto space.