The announcement by incoming U.S. President Donald Trump about his new cryptocurrency, TRUMP memecoin, has caused a stir in the digital currency world, igniting discussions on potential regulations for memecoins. Crypto analysts and influential figures in the industry have expressed worries about politicians gaining an unfair edge in the market due to unclear regulations.
John Deaton, an advocate for Ripple (XRP), emphasized the urgency of regulating memecoins over other issues, such as SAB 121 legislation. The unexpected introduction of a memecoin by Donald Trump prior to his presidential inauguration has sparked intense debate about the necessity for more defined regulations in the cryptocurrency industry.
XRP Lawyer John Deaton Pushes for Urgent Memecoin Regulation
In a recent update on X platform, John Deaton emphasized the need for immediate action on regulating memecoins due to the excitement generated by the launch of Trump’s memecoin.
Originally, Deaton thought that the SAB 121 stablecoin legislation, supervision by the Commodity Futures Trading Commission (CFTC), and tax reform were the urgent matters that needed attention from the Trump administration and Congress. However, after reconsideration, he changed his view and wrote, “I admit I was wrong: what’s important now is Meme Coin Regulation.
Backlash Grows Over Memecoin Frenzy
Significantly, Nic Carter – a known Trump supporter and crypto enthusiast – voiced his dissent towards Trump’s launch of a memecoin. Using strong words, he described the move as “reaching unprecedented levels of foolishness” with the memecoin launch.
A notable figure advocating for regulation of memecoins is U.S. Representative Ro Khanna. He proposed a ban on elected officials holding memecoins that are extremely speculative. In light of the TRUMP memecoin launch, Khanna penned his thoughts:
A key figure pushing for memecoin regulation is U.S. Representative Ro Khanna. He suggested barring elected officials from owning highly speculative memecoins. Following the launch of the TRUMP memecoin, Khanna expressed his views:
Lawmakers should be prohibited from owning or dealing with cryptocurrencies known as meme coins, due to their high-risk, speculative nature that resembles gambling. Given their lack of stability and potential for manipulation, the Securities and Exchange Commission (SEC) needs to oversee them. Unlike traditional money or platforms for innovation, meme coins do not offer these benefits.
Trump’s Memecoin Promotion Impacts XRP Lawsuit
Deaton is advocating for regulations regarding meme coins due to Bill Morgan’s concerns about Trump’s new token possibly affecting the ongoing XRP lawsuit. According to Morgan, the unexpected introduction of this token by the incoming President underscores the importance of having clear cryptocurrency policies in place.
Given the apprehensions voiced by lawyers such as Deaton and Morgan regarding the release of the TRUMP token, it’s evident that the ramifications stretch far beyond the realm of cryptocurrencies. As events unfold, the need for transparent regulations is becoming increasingly apparent.
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2025-01-20 10:30