Donald Trump’s TRUMP memecoin, which gained $8 billion within hours of launch, has sparked criticism from the Ripple community. Experts analyze the potential impact of TRUMP memecoin’s launch on the XRP lawsuit.
XRP lawyer Bill Morgan criticized Donald Trump for his memecoin launch that recently made ripples in the crypto market. While the XRP community awaits the imminent conclusion of the XRP lawsuit, Trump’s involvement in memecoin launch has drawn controversies.
TRUMP Memecoin To Impact XRP Lawsuit, Says Lawyer
In a recent X post, XRP attorney Bill Morgan raised concerns over the impact of Trump’s TRUMP meme token on the SEC v. Ripple battle. As per Morgan, though Trump holds “presidential immunity,” his involvement in the launch and promotion of a speculative token highlights the need for clear regulations in the crypto space.
Hard to see how the SEC v Ripple appeal continues when the soon to be inaugurated President issues and promotes his own speculative meme coin. Then again he will have presidential immunity. https://t.co/oZOgZqqxVp
— bill morgan (@Belisarius2020) January 18, 2025
Notably, the incoming President’s promotion of the memecoin is unprecedented and has sparked widespread concern among crypto enthusiasts. Addressing the potential implications of Trump’s move, the lawyer stated, “Hard to see how the SEC v Ripple appeal continues when the soon to be inaugurated President issues and promotes his own speculative meme coin.”
Will the Ripple-SEC Legal War End Under the Trump Admin?
The XRP community has been anticipating the end of the 4-year legal war between Ripple and the US Securities and Exchange Commission (SEC). Trump’s crypto policies and the appointment of crypto-friendly candidates to the key administrative roles have sparked optimism within the community. SEC Chair Gary Gensler’s resignation and Paul Atkin’s succession in particular have further fueled excitement, invoking speculations of a new regulatory era.
Recently, the topic of XRP lawsuit settlement got worsened as rumors spread around a clash between Ripple and Trump. Reports stated that Trump criticized Ripple for supporting Kamala Harris during the election campaigns. However, Ripple CLO Stuart Alderoty dismissed the rumors and wrote on X, “The rumors published by this 3rd-tier crypto rag are pure fiction.”
TRUMP Token Boosts XRP Rally
Following Trump’s re-election in November, XRP surged from its lows, triggered by anticipations of regulatory amendments and XRP lawsuit settlement. For the first time since 2018, XRP broke past the crucial $3 point on Friday, ahead of Trump’s inauguration on Monday. As of press time, XRP is trading at $3.17, marking a monthly rise of 31%. Despite a marginal fall of 3% over the last 24 hours, the token has seen a notable surge of 31% in a week.
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