Attorney John Deaton Shares 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.

Crypto attorney John Deaton has shared his thoughts on the recent launch of the Trump meme coin. While some believe that it could attract new investors and help crypto gain wider acceptance, others, like Deaton, are concerned about the potential impact on the industry's credibility.

According to Deaton, the issue isn't the meme coins themselves, but the broader implications they have for the crypto industry's reputation. Speaking on the Good Morning Crypto Show, he noted that while meme coins may indeed garner attention and attract investors, they could 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 primary concern is that if meme coins continue to dominate the conversation, it could overshadow the more serious and transformative potential of blockchain technology. He noted, "I think we've been fighting for crypto survival for the past five years, but now we have to fight for legitimacy." 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," said Deaton, 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.

However, Deaton also expressed optimism that the new leadership in Washington could pave the way 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.