DJT Controversy Might Attract SEC's Scrutiny

DJT, a meme coin affiliated with former President Donald Trump is gaining massive traction due to heightened trader interest

A meme coin that is named after former President Donald Trump is quickly gaining popularity among traders. But now, on-chain sleuth ZachXBT has revealed that the man behind the project is none other than “Pharma Bro” Martin Shkreli.

Shkreli, who is known for his fraud conviction, is being accused of leaking information about the token’s launch to a select group of people who then got early access to the token. This, in turn, allowed them to dump the token on the market, which ended up hurting ordinary investors.

It all started when Arkham Intelligence put up a $150k bounty for anyone who could uncover the creator of DJT. And then, who else but Shkreli stepped up and claimed to be the co-creator of the token, along with Barron Trump, the son of the former president.

However, since then, Barron Trump has remained silent on his supposed involvement, and the Trump campaign has also denied any connection to the token.

This whole DJT controversy might lead to SEC taking a closer look at meme coins

Crypto lawyer Preston Byrne expressed his frustration and warned that all this chaos might invite scrutiny from regulators, such as the SEC, to enter the meme coin space.

Amidst the DJT controversy, there was some positive news for crypto enthusiasts as the SEC officially closed its investigation into ETH 2.0, marking a significant win for ETH developers, technology providers, and industry participants who were impacted due to the costly litigations.

However, Consensys has remained dissatisfied and continues to slam the regulator for its inconsistent approach to digital assets. As per the latest reports, the Ethereum firm will continue its fight against the regulator.

Our fight continues. In our lawsuit, we also seek a declaration that offering the user interface software MetaMask Swaps and Staking does not violate the securities laws. It should not take a lawsuit to provide the much-needed regulatory clarity to allow an industry that serves as the backbone to countless new technologies and innovations to thrive – but here we are.

In a related development, Pantera Capital is planning to purchase $100 million worth of Ethereum, highlighting the growing institutional interest in the second-largest altcoin.

News source：https://www.kdj.com/cryptocurrencies-news/articles/djt-controversy-attract-scrutiny.html

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