Pro-XRP Lawyer Defends TRUMP Memecoin Exchange Listing

• Deaton supports TRUMP token listings on Coinbase and Kraken.
• Suggests allocating token revenues to disaster relief and charities.

A revived controversy for the TRUMP memecoin that touches upon everything from the crypto world to mainstream media, which has critically criticized its listing on exchanges such as Coinbase and Kraken, supported by none other than a renounced crypto lawyer named John Deaton.

Deaton, who is an avid supporter of the crypto industry, comments on X as saying that he would tell any exchange that it should list the TRUMP token if he were their lawyer. He believes the Securities and Exchange Commission would struggle to indict exchanges like Coinbase and Kraken for selling crypto tokens. This challenge arises once the exchanges include a coin issued by the President of the United States.

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. He suggested that Donald Trump should use the profits generated from the token. These funds could help alleviate the suffering of disaster victims affected by hurricanes and wildfires.

Deaton cited that this could give Trump the chance to show philanthropic values and, therefore, possibly redeem his legacy. He further noted that the memecoin may have sent Trump’s net worth skyrocketing on paper, but the profits aren’t realized and could be used to do something meaningful.

This is not the first time Deaton has suggested this. Immediately after the launch of the TRUMP memecoin, he publicly urged Trump and his advisors to commit the profits to helping American citizens in need. His call aimed to emphasize the importance of using the funds for a positive impact.

The launch of the TRUMP and MELANIA memecoins sparked mixed reactions, with most industry leaders condemning the action. Many believe the heightened risk of pump-and-dump schemes, scams, and frauds has increased scrutiny over the tokens’ long-term viability.

As Trump’s memecoin spurs outrage and debate, more pressure is set to be called on lawmakers to address the crypto market. Experts said regulations should evolve with innovation. They emphasized the need to balance innovation and investor protection to keep pace with the rapidly developing industry.