John Deaton Backs TRUMP Token, Urges Profits for Charity

John Deaton has been critical of memecoins, but even he came up with a socially responsible way in which the profit from the TRUMP token will be utilized.

A recent controversy has enveloped the TRUMP memecoin, which has drawn attention from the crypto world and mainstream media alike. The coin's listing on exchanges like Coinbase and Kraken has faced criticism, but it has also garnered support from a renowned crypto lawyer, John Deaton.

Deaton, known for his strong support of the crypto industry, commented on the matter, stating that if he were a lawyer for any exchange, he would advise them to list the TRUMP token. He expressed his belief that the Securities and Exchange Commission (SEC) would face challenges in trying to indict exchanges like Coinbase and Kraken for selling crypto tokens, especially when the exchanges include a coin issued by the President of the United States.

John Deaton Backs TRUMP Token, Urges Profits for Charity

Despite his past criticism of memecoins, John Deaton has highlighted a socially responsible way in which the profits from the TRUMP token could be utilized. He suggested that Donald Trump could allocate the proceeds generated from the token to help disaster victims suffering from hurricanes and wildfires.

Deaton stated that this would give Trump an opportunity to demonstrate his philanthropic values and potentially redeem his legacy. He added that while the memecoin may have inflated Trump's net worth on paper, the profits aren't realized and could be channeled into something meaningful.

Deaton's suggestion isn't new; upon the launch of the TRUMP memecoin, he publicly urged Trump and his advisers to dedicate the profits to assisting American citizens in need. His call aimed to emphasize the importance of using the funds to create a positive impact.

The launch of the TRUMP and MELANIA memecoins evoked mixed reactions, with many industry figures expressing concerns. The heightened risk of pump-and-dump schemes, scams, and frauds has drawn attention to the sustainability of such tokens in the long run.

Deaton's support for the listings and his appeal for charity aim to shift the narrative, suggesting that the memecoin could serve a purpose beyond speculation. However, the fate of the TRUMP and MELANIA tokens remains uncertain, with skepticism and criticism continuing within the industry.

As Trump's memecoin continues to spark outrage and debate, more pressure will likely be exerted on lawmakers to address the crypto market. Experts have noted that regulations need to evolve alongside innovation, highlighting the need to balance innovation and investor protection as the rapidly developing industry advances.