US President-elect Donald Trump’s launch of the TRUMP memecoin has sent shockwaves through the crypto market, sparking debates on memecoin regulation. Crypto experts and industry leaders raise concerns over politicians’ unfair market advantage, highlighting the lack of regulatory clarity.

Pro-XRP lawyer John Deaton underscored the priority of memecoin regulation over other concerns, including SAB 121 legislation. Trump’s surprise launch of the memecoin ahead of his presidential inauguration has ignited a heated discussion about the pressing need for clearer regulations in the crypto space.

XRP Lawyer John Deaton Pushes for Urgent Memecoin Regulation

In a recent X post, John Deaton stressed the urgency in implementing memecoin regulations prompted by the frenzy surrounding Trump’s memecoin launch.

Deaton stated that he previously believed SAB 121 stablecoin legislation, CFTC oversight, and tax reform were the immediate areas requiring attention from the Trump administration and Congress. Correcting his earlier stance, he wrote, “I stand corrected: it’s Meme Coin Regulation.”

Backlash Grows Over Memecoin Frenzy

Notably, Nic Carter, who calls himself a devoted Trump supporter, expressed his disagreement with Trump’s memecoin launch. Calling the move unreasonable, Nic Carter stated, “They’re plumbing new depths of idiocy with the memecoin launch.”

Another significant personality who urged action for memecoin regulation is the US representative Ro Khanna. He recommended banning elected officials from owning highly speculative memecoins. Reflecting on the TRUMP memecoin launch, Khanna wrote:

Elected officials must be barred from having meme coins by law. Meme coins are highly speculative and like gambling must be regulated by the SEC. They are neither neutral money (not controlled by insiders) nor platforms for innovation.

Trump’s Memecoin Promotion Impacts XRP Lawsuit

Deaton’s push for memecoin regulations follows concerns raised by XRP advocate Bill Morgan about the potential TRUMP’s impact on XRP lawsuit. According to Morgan, the incoming President’s unprecedented launch of the token emphasizes the need for clear crypto guidelines.

With XRP lawyer like Deaton and Morgan expressing concerns over the TRUMP token launch, its impact extends beyond the crypto market. As the situation unfolds, it is clear that the urge for clear regulations has never been more pressing.

The post XRP Lawyer Calls To Prioritize Memecoin Regulation Over SAB 121, Here’s Why appeared first on CoinGape.

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Filed under: News - @ January 20, 2025 7:27 am