Deaton Pushes for Ripple Lawsuit Dismissal Amid Trump’s Meme Coin Release
US President-elect Donald Trump has taken the crypto world by storm by launching his own cryptocurrency, $TRUMP, with its market capitalization soaring into billions of dollars in a short period of time. The meme coin was released days before Trump was inaugurated as the 47th President of the United States.
Critics feared the timing of the announcement could be an attempt by Trump to cash in on his presidency. Concerns are growing that the move could fuel speculation, with investors rushing to cash in on the hype before values plunge.
With this in mind, attorney John Deaton weighs in on the overall state of the cryptocurrency market, specifically the ongoing legal cases involving major cryptocurrency players such as Ripple, Coinbase, Kraken, and LBRY. Deaton, who has been actively involved in filing amicus briefs for users, developers and investors, expressed frustration with the resources and energy spent on these cases over the past few years.
He said that many of these legal proceedings – especially the SEC case against Ripple – were non-fraud cases, meaning that the companies involved did not engage in fraudulent activity, but they incurred huge legal fees and losses.
Deaton further criticized the SEC’s approach, believing that the regulator’s actions were politically motivated and harmful to American businesses and innovation. He said that Ripple has spent more than $150 million in legal fees, and other companies such as Coinbase and Kraken are also facing increasing legal expenses.
Despite their efforts to cooperate, the companies continued to be targeted by regulators. Deaton emphasized that if a new “golden age of innovation” is indeed coming, the SEC should dismiss these non-fraud cases to allow companies such as Ripple, Coinbase and others to flourish without the burden of legal action.
