Meme Coins Threaten Crypto’s Legitimacy

Deaton is a Massachusetts attorney who made a big name for himself in crypto markets after founding CryptoLaw. It’s a crypto 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 TRUMP tokens that have been going around may threaten cryptocurrency’s public relations image.

Deaton: Meme Coins Not A Good Look For Crypto

In an episode of the “Good Morning Crypto Show” that streamed on Monday, Jan. 20, Deaton suggested meme coins threaten crypto’s legitimacy. 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 coin, Deaton didn’t have any of it.

“I’m excited like everybody else. We’ve witnessed an absolute war against crypto, not just unjust, but unlawful,” Deaton said. “So I’m excited like everyone else. But I have a concern— in this country, sometimes we have the tendency to go from one extreme to the other extreme.”

“So we’ve had this completely unfair war against crypto,” he said. “But that doesn’t mean we want a complete free-for-all where there are no rules of the road or regulations whatsoever because users, consumers, and customers get taken advantage of. So we want smart regulations.”

“We fought for survival. The last five years we have fought for crypto’s survival. But now we have to not just survive— we have to fight for our legitimacy,” Deaton added. “If this becomes just a casino-gambling technology in the view of the public… it’s one extreme to the other.”

XRP’s Price Up 44% on 30-Day Window

At the height of the Securities and Exchange Commission’s war on Ripple Labs over its XRP tokens, Deaton lobbed powerful amicus briefs at the SEC’s lawyers. He also took to the digital town square on X to combat the SEC’s legal actions and definitions of crypto tokens like XRP.

He also ran against Sen. Elizabeth Warren (D-MA) for the US Senate in November but lost in a heavily Democratic state where she is a heavyweight incumbent.

XRP’s price on Wednesday notched a 1% gain to $3.23 after retracing from $3.27. The top 3 crypto by market cap was up 44% for the 30-day window.