Deaton is a Massachusetts lawyer who made a name for himself in the crypto markets after founding CryptoLaw. It is a cryptocurrency news website with an extensive library of official documents related to cryptocurrency cases in US courts.
The crypto activist recently warned that meme coins like the new Circulating TRUMP tokens may threaten the public relations image of cryptocurrency.
Deaton: Meme coins are not a good look for crypto
In an episode of the “Good Morning Crypto Show” airing Monday, January 20, Deaton suggested that meme coins threaten the legitimacy of crypto. The Good Morning Crypto Show is a popular crypto podcast with over 198,000 subscribers on YouTube.
When the show host asked about the TRUMP piece, Deaton was having none.
“I’m excited like everyone else. We have seen an absolute war on crypto that is not only unfair, but illegal,” Deaton said. “So I’m excited like everyone else. But I have one worry: in this country, we sometimes tend to go from one extreme to the other. »
“So we have waged this completely unfair war on crypto,” he said. “But that doesn’t mean we want a total melee, without traffic rules and regulations, because users, consumers and customers benefit from it. So we want smart regulations.
“We fought to survive. Over the past five years, we have fought for the survival of crypto. But now we must not only survive: we must fight for our legitimacy,” added Deaton. “If it becomes just casino gaming technology in the public eye… it’s one extreme to the other.”
XRP price up 44% over 30-day window
At the height of the Securities and Exchange Commission’s war with Ripple Labs over its XRP tokens, Deaton launched powerful amicus briefs to SEC lawyers. He also took to the X digital marketplace to fight SEC lawsuits and definitions of crypto tokens like XRP.
He also ran against Sen. Elizabeth Warren (D-MA) for the U.S. Senate in November, but lost in a heavily Democratic state where she is a strong incumbent.
The price of XRP On Wednesday, it posted a 1% gain to $3.23 after returning from $3.27. The top 3 cryptocurrencies by market capitalization increased by 44% over the 30-day window.