Pro-XRP Lawyer John Deaton Defends TRUMP Coin Exchange Listings, Calls for Transparency and Charitable Use of Profits

Pro-XRP lawyer John Deaton has decided to address the criticism aimed at the exchanges for listing the TRUMP meme coin.

Pro-XRP lawyer John Deaton has defended the listing of the TRUMP meme coin by major cryptocurrency exchanges like Coinbase and Kraken. Some people in the industry have criticized the inclusion of the token on these exchanges based on ethical and legal considerations. However, Deaton said that if he was still practicing as a lawyer, he would have recommended the token to be listed in these exchanges.

Deaton stated that the enforcement approach used by the Securities and Exchange Commission (SEC) could be a concern if a token linked to a former U.S. president was being traded.

“How could the SEC, in good faith, continue prosecuting Coinbase and Kraken for selling crypto tokens when they sell a crypto token issued by the President of the United States?” he said.

The TRUMP meme coin has been volatile since it was launched in the market. Pump and dump schemes have also been noted, where the token was first traded up, but then faced competition from other meme coins including MELANIA.

A crypto analyst, Ali Martinez, observed a falling wedge on the lower time frame chart of the coin, indicating that there might be a TRUMP Coin price bounce back from the current consolidation phase.

The listing of TRUMP coin has also attracted controversy among the cryptocurrency community and in financial circles. Shark Tank investor Mark Cuban, who was less than impressed by the token, described it as “stupid and embarrassing” nonetheless, he conceded that it demonstrated a change in the US’s fintech stance towards allowing more innovation. Cuban also shared that he wants to establish his meme coin, and all the income generated from it will go to the U.S. Treasury to help pay off the national debt.

John Deaton Calls for Transparency and Charitable Use of Profits

Pro-XRP lawyer John Deaton has urged cryptocurrency exchanges to be transparent about their profits from the TRUMP meme coin and to consider donating a portion of the proceeds to charity. Some people in the industry have criticized the exchanges for listing the token due to ethical and legal concerns. However, Deaton said that he believes the SEC’s approach to enforcement will make it difficult for them to take action against the exchanges for listing TRUMP coin.

Deaton stated that he would have advised the exchanges to list the coin if he were still practicing law because it would put pressure on the SEC to reconsider its priorities. He also noted that if the exchanges donated a significant portion of their profits to charity, it would be difficult for anyone to argue against the exchange's activities.

“If I was still practicing, I would’ve advised the exchanges to list the coin because it would put pressure on the SEC to reconsider its priorities. Especially if the exchanges donated a material portion of their profits to charity, making it difficult for anyone to argue against their actions,” he said.