Donald Trump’s launch of the TRUMP memecoin as a result of the US Presidential election caused fluctuations in the crypto market and fueled discussions on memecoin regulations. Crypto experts and industry leaders have expressed concerns about politicians’ unfair advantage over the market, while also highlighting regulatory uncertainties.
XRP Lawyer John Deaton Emphasizes Urgency of Memecoin Regulations
Pro-XRP lawyer John Deaton stated that memecoin regulations should come before other issues such as the SAB 121 law. Trump’s surprise launch of memecoin before his inauguration brought to the fore the need for clearer regulations in the crypto space.
Reactions to Memecoin Craze Grow
Although Nic Carter describes himself as a Trump supporter, he opposed Trump’s memecoin launch and stated that this move was illogical. “We are delving into new depths of stupidity with the launch of Memecoin,” Carter said.
“Plunging into new depths of stupidity with Memecoin launch.” –Nic Carter
U.S. Representative Ro Khanna also called for action on memecoin regulations and suggested banning elected officials from owning highly speculative memecoins. Khanna stated that memecoins are highly speculative and should be regulated by the SEC.
“Elected officials should be barred from meme coin holders by law. Meme coins are highly speculative and should be regulated by the SEC. “They are neither neutral money nor innovation platforms.” – Ro Khanna
Trump’s Memecoin Promotion Affects XRP Lawsuit
Deaton’s call for memecoin regulations parallels XRP advocate Bill Morgan’s concerns about the potential effects of Trump’s memecoin launch on the XRP case. According to Morgan, the Presidential candidate’s unique token launch highlights the need for clear guidelines for crypto.
XRP lawyers Deaton and Morgan’s concerns about the TRUMP token launch show that the issue extends beyond the crypto market. As the situation continues to evolve, the need for clear regulations is more important than ever.
In light of these developments, it seems that the regulatory framework in the crypto market should be established and the influence of politicians on the market should be controlled. The launch of new digital assets such as Memecoin necessitates the updating of existing regulations and the creation of a more robust auditing mechanism.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
