DJT, a meme coin affiliated with former President Donald Trump is gaining massive traction due to heightened trader interest. More than the political ties, the token is hogging the limelight after on-chain sleuth ZachXBT revealed that the man behind the project is none other than “Pharma Bro” Martin Shkreli.
Shkreli, a convicted fraud, is accused of leaking information about the token’s launch to a select group of people who then got early access to the token. The result was that they were able to dump the token on the market, which hurt ordinary investors.
It all started when Arkham Intelligence put up a $150k bounty for anyone who could prove who created DJT. And then Shkreli, who has a history of controversial behavior, stepped up and claimed to be the co-creator of the token with Barron Trump, the son of the former president. However, since then, Barron Trump hasn’t said anything about his supposed involvement, and the Trump campaign has denied any connections to the token.
DJT Controversy Might Attract SEC’s Scrutiny
Crypto lawyer Preston Byrne expressed frustration and warned that all this chaos might invite scrutiny from regulators, like the SEC, to enter the meme coin space. Amidst the DJT controversy, the crypto enthusiasts signed a heave of relief after 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.
Consensys has repeatedly voiced its dissatisfaction, slamming 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 plans to purchase $100 million worth of Ethereum, underscoring the growing institutional interest in the second-largest altcoin.
