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President Trump meme coin raises concerns, Massachusetts Republican John Deaton says

John Deaton says ending one-party rule in Massachusetts is critical
John Deaton says ending one-party rule in Massachusetts is critical 08:33

BOSTON – Massachusetts Republican John Deaton, who unsuccessfully challenged Democrat Elizabeth Warren in a bid for the U.S. Senate in the fall, has a history as a cryptocurrency advocate. 

With President Donald Trump back in the White House, meme coins are front and center, which Deaton said he has concerns about.

Meme coins are cryptocurrencies linked to internet trends. President Trump and first lady Melania Trump debuted the $Trump and $Melania coins ahead of Inauguration Day.

Concerns over Trump meme coin 

Deaton told WBZ-TV that he's concerned that political stances on cryptocurrency have swung from one extreme to the polar opposite. 

"Unfortunately in this country, we tend to go from one extreme to the other. For the last four years, there's been an unlawful and unjust basically war against crypto industry," Deaton said. "Now unfortunately, we may be going from an extreme where an industry's being choked out unfairly to this wide open, no holds barred free-for-all, and I don't want that."

Deaton said about 80% of holdings are locked up to insiders, and oftentimes people get "rug pulled" and lose money. He also said the president having a meme coin opens the door to conflict of interest if foreign nationals can funnel money.

The Massachusetts Republican said he offered a potential compromise to the president.

"I gave the president unsolicited advice. I said how about we come out and we donate all profits after expenses to hurricane and wildfire victims? So, I'm hoping they take my advice," Deaton said.

Will John Deaton run again?

Though Deaton lost to Warren in November, he ran about 130,000 votes ahead of President Trump in Massachusetts.

"Here in Massachusetts, I think there's just a feeling that, let's go back to some common sense. I think that's desperately lacking in this case," Deaton said.

So would Deaton consider running again?

"Here's the thing I'm committed to. I'm excited to do something about the one-party rule here. I mean, we have legislature, 88% Democrat. We have a governor, lieutenant governor, treasurer, every office, attorney general, every office is Democrat. I'd feel the same way if it was all Republicans," Deaton said. "You see that when you have one-party rule, it's not healthy. Look at the legislature, fighting an audit of one of their own, who wants to audit the legislature. I want to do something about that. It's not healthy. Whether it's running for office or behind the scenes. I haven't figured that out. The Commonwealth hasn't seen the last of John Deaton, that's for sure."

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