John Deaton, a well-known attorney from Massachusetts and founder of the cryptocurrency information platform CryptoLaw, has expressed concerns over the impact meme coins could have on the cryptocurrency sector's reputation. His warning comes amidst increasing popularity of such coins, including the recent TRUMP tokens.

During the "Good Morning Crypto Show," a prominent podcast with a significant YouTube following, Deaton criticized meme coins for potentially jeopardizing the credibility of cryptocurrencies. When asked specifically about the TRUMP coin, Deaton was clear in his stance against its potential effects.

He articulated, "While I share the broader excitement around cryptocurrencies, there has been an unjust campaign against them." Deaton further elaborated on the tendency in the U.S. to swing between extremes, stressing the importance of balance. "Despite the unfair challenges faced by crypto, we cannot advocate for an unregulated environment devoid of rules. Smart regulations are vital to protect users."

"We have recently fought for the survival of crypto," Deaton continued, emphasizing the need for legitimacy rather than mere survival. He cautioned against public perception of crypto as mere gambling, highlighting the risk of misinterpretation.

In other news, as the Securities and Exchange Commission (SEC) continues its legal proceedings against Ripple Labs, Deaton has actively defended the interests of crypto tokens like XRP. Despite these challenges, XRP has witnessed a remarkable 44% increase over a 30-day period, reaching $3.23, following a minor pullback from $3.27.

Previously, Deaton also made a bid for the U.S. Senate against incumbent Senator Elizabeth Warren, though he was unsuccessful in the predominantly Democratic state of Massachusetts.