Re-elected president of the US Donald Trump launched his own meme coin on Solana this weekend, completely changing the landscape of the crypto market.
While utility and Ethereum tokens are bleeding, the TRUMP meme coin is experiencing unprecedented growth. At the time of writing, the price stands at $47, with a market cap hovering around $9.5 billion. This remarkable performance means that in just around 24 hours since launch, TRUMP has secured a position in the top 20 cryptocurrencies by market cap.
Prominent crypto lawyer Bill Morgan shared insights about the implications for the XRP vs SEC lawsuit. According to Morgan, Ripple’s appeal against Judge Torres’ ruling on the fair notice defense is gaining stronger ground. He pointed out that President Trump’s stance on cryptocurrency issuance and promotion suggests these digital assets might not necessarily constitute investment contracts requiring SEC registration.
The @Ripple appeal of Judge Torres finding against Ripple’s defense that there must be a contract or post sale obligations is looking good.
— bill morgan (@Belisarius2020) January 18, 2025
After all the President of the USA thinks a token with no post sale obligations to buyers can be issued and promoted without being… https://t.co/OByrCesd8j
Morgan further elaborated on how this development could strengthen Ripple’s position. The fact that a sitting US President believes tokens without post-sale obligations can be issued and promoted without SEC registration could significantly impact Ripple’s case. This is particularly relevant because Ripple’s programmatic sales of XRP didn’t include any post-sale obligations to buyers.
This development comes at a crucial time, as the SEC filed an appeal on January 15, 2025, to the Second Circuit Appeals Court. The appeal challenges Judge Analisa Torres’ July 2023 ruling, which determined that XRP sales to retail investors didn’t constitute unregistered securities offerings. The SEC maintains that all XRP sales, including those used for employee compensation and business transactions, should be classified as unregistered securities.
Read also: $1,000 in XRP, SUI, or WEPE? Analyst Predicts the Best Altcoin for 2025
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