XRP News: Deaton Pushes for Ripple Lawsuit Dismissal Amid Trump’s Meme Coin Release

US President-elect Donald Trump Donald Trump   Donald J. Trump is a US-based entrepreneur, Pro-crypto Politician, and the 45th and 47th President of the United States of America. He understands the importance and needs of the modern fintech world, and people look up to him as a dominant pro-crypto leader.   Quick Facts   Full name Donald John Trump Birth 14-06-1946, New York, United States Nationality American Education BS from the University of Pennsylvania Known For Businessman, Pro-Crypto Politician   Once doubtful about Bitcoindominance, he said in a tweet in 2019, “I am not a fan of Bitcoin", but now has a significant amount of cryptocurrency holdings in his kitty. He has also signed an Executive Order to establish a Strategic Bitcoin Reserve, which highlights his commitment to the future of cryptocurrency.   Donald Trump - Career Highlights & Events   2016 – Elected as the 45th President of the United States from the Republican Party.   2017 – Signed the Tax Cuts and Jobs Act, impacting investment environments   2019 – Criticized Bitcoin and Libra on X, dubbing them as "not money"   2024 – Campaign signals potential openness to crypto-friendly reforms   2025 –  Elected as the 47th President of the United States from the Republican Party.   A meme coin, $TRUMP, is associated with Donald Trump, which is listed on the Solana blockchain platform. His family also backs World Liberty Financial (WLF), a crypto venture.     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. 

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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.