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Anjali Belgaumkar
Anjali Belgaumkar
Author
Writer by choice, CryptoCurrency Writer, and Researcher by chance. Currently, focusing on financial news and analysis, as well as cryptocurrency news and data. One may not call me a crypto “Enthusiast” but trust me I'm getting there.
- Jan 20, 2025 04:17 UTC
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XRP News: Deaton Pushes for Ripple Lawsuit Dismissal Amid Trump’s Meme Coin Release
Trump’s $TRUMP coin sparks crypto frenzy as market capitalization soars, raising concerns over speculation before inauguration.
Attorney John Deaton criticizes SEC’s crypto legal battles, urging dismissal of non-fraud cases to foster innovation in the industry.
US President-elect Donald Trump 
Donald Trump Donald Trump is an American former president politician, businessman, and media personality, who served as the 45th president of the U.S. between 2017 to 2021. Trump earned a Bachelor of science in economics from the University of Pennsylvania in 1968. Trump won the 2016 presidential election as the Republican Party nominee against Democratic Party nominee Hillary Clinton while losing the popular vote. As president, Trump ordered a travel ban on citizens from several Muslim-majority countries, diverted military funding toward building a wall on the U.S.–Mexico border, and implemented a family separation policy. Trump has remained a prominent figure in the Republican Party and is considered a likely candidate for the 2024 presidential election President launch of his own cryptocurrency, $TRUMP, has created a storm in the crypto world, with its market capitalization soaring to several billion dollars in a short period. The meme coin was released just days before Trump’s inauguration as the 47th President of the United States.
Trump’s $TRUMP Coin Launch Fuels Crypto Hype and Market Concerns
Critics have raised concerns that the timing of the release may be an attempt by Trump to cash in on his presidency. There is a growing concern that this move could fuel speculation, with investors rushing to capitalize on the hype before the value crashes.
In light of this, attorney John Deaton has weighed in on the broader state of the cryptocurrency market, particularly in relation to ongoing legal cases involving major crypto players like Ripple, Coinbase, Kraken, and LBRY. Deaton, who has been heavily involved in filing amicus briefs for users, developers, and investors, expressed frustration with the resources and energy spent on these cases over the past few years.
He said that many of these legal battles—particularly the SEC’s case against Ripple—are non-fraud cases, meaning that the companies involved have not engaged in fraudulent activity, yet they have incurred massive legal expenses and losses.
Deaton further criticized the SEC’s approach, arguing that the regulatory body’s actions are politically motivated and harmful to American businesses and innovation. He said that Ripple has spent over $150 million in legal fees, and other companies like Coinbase and Kraken have similarly faced mounting legal costs.
Despite their efforts to cooperate, these companies are still being targeted by regulators. Deaton stressed that if a new “Golden Age of Innovation” is indeed on the horizon, the SEC should dismiss these non-fraud cases in order to allow companies like Ripple, Coinbase, and others to thrive without the burden of legal battles.
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