Is Trump’s Meme Coin a Threat to Crypto’s Future? Pro-XRP Lawyer John Deaton Weighs In
Attorney John Deaton recently shared his thoughts on launching a Trump meme coin. The cryptocurrency community is divided, with some believing Trump’s memecoin will attract new investors and help cryptocurrencies gain greater acceptance. Others, like Deaton, worry it could damage the industry’s credibility.
For Deaton, the problem isn’t with memecoins themselves, but their broader impact on the reputation of the crypto industry. Speaking on the Good Morning Crypto Show, he warned that while memecoins can attract attention and investors, they can also lead the public to view cryptocurrencies as “casinos” or speculative markets rather than ones with real-world utility. Legal technology. Deaton’s concern is that if memecoins dominate the conversation, it could obscure the more serious and transformative potential of blockchain technology.
“I think we’ve been fighting for the survival of cryptocurrencies for the past five years, but now we have to fight for legitimacy,” he said. Deaton worries that if the industry doesn’t drive real practicality and focus on solving the world’s problems, it could get bogged down in hype and speculation.
Looking to the future
“We must not only survive, but also serve,” he said, emphasizing the importance of promoting blockchain technology to truly solve global problems. If meme coins like Trump’s continue to dominate, public perception of cryptocurrencies may shift toward viewing them as speculative gambles. He believes that the new leadership can adopt a more balanced approach to cryptocurrency regulation and will not unfairly target legitimate projects such as Ripple and Coinbase.
“We are witnessing a war on cryptocurrencies. But I have a concern, and my concern is that sometimes in this country we have a tendency to go from one extreme to the other. So we have this war on cryptocurrencies. Totally unfair war, that doesn’t mean we want to have complete freedom for everyone with no rules, no regulation,” Deaton said.
