Justin Sun from Tron Stands by TRUMP Post-Presidential Dinner, Claims ‘Memecoins Hold Value’

On his last trip to the U.S., Justin Sun held the position of Grenada’s ambassador to the WTO, dealing with the complexities of former President Biden’s campaign against cryptocurrencies.

However, circumstances have shifted dramatically. Currently, he finds himself at a dinner hosted by President Donald Trump, celebrating significant stakeholders of his TRUMP memecoin and a breakthrough in regulatory developments. This change hints at a positive turn for cryptocurrency in the U.S.

In a conversation with CoinDesk following the dinner, attended by protesters, the founder of Tron refuted claims that his token functions as a means of bribery. He characterized the critics as shortsighted, asserting that Trump’s support for cryptocurrencies has the potential to usher in a new age of innovation in digital assets in America.

“People who criticize should reconsider their views,” Sun stated to CoinDesk, highlighting Trump’s endorsement of cryptocurrency as one of his administration’s commendable choices. “Exciting developments are unfolding within the sector.”

Sun’s connection with Trump and his associated crypto initiatives began soon after the previous election when he invested up to $75 million in World Liberty Financial tokens through various purchases.

After Trump assumed office, the Securities and Exchange Commission (SEC) halted a civil fraud case against Sun and the exchange Binance, while also retreating from or dismissing several other cases. However, a new civil fraud lawsuit against Unicoin was recently filed. Furthermore, earlier reports indicated that the Department of Justice had been looking into Sun since 2021.

Sun interpreted the dinner as a noteworthy indication that the U.S. might be reclaiming its position as a leader in the global crypto landscape, a stark contrast to the previous administration’s approach that had led many crypto companies to explore offshore alternatives.

“During the Trump dinner, I heard from some supporters contemplating a shift overseas due to the Biden administration, considering relocation to places like Hong Kong or Singapore,” Sun remarked. “Even Consensus opted to host events internationally.”

“But now their outlook has reverted positively, drawing everyone back to the U.S.,” he added.

Criticism of Trump’s initiation of a memecoin rapidly emerged from mainstream outlets, with some attempting to connect its supporters to extremist ideologies.

Sun brushed off this backlash, insisting that opponents are free to voice their opinions under the First Amendment.

“Memecoins Have Value”

While the TRUMP dinner was met with protests from skeptics of memecoins, the criticism isn’t confined to external voices. At a recent Consensus event, Barstool Sports founder Dave Portnoy described meme coins as akin to “gambling,” questioning their sustainability.

“I understand their appeal,” Portnoy acknowledged. “They’re somewhat of a gamble, resembling a Ponzi scheme, though I don’t say that negatively.”

Sun takes a different stance. He views memecoins as legitimate components of the digital asset ecosystem, not merely as gambling or schemes.

He highlighted successes like DOGE and SHIB, asserting they have effectively introduced users to crypto. Sun emphasized that Tron aims to facilitate growth across the entire crypto spectrum to achieve mainstream acceptance.

“I firmly believe that memecoins hold intrinsic value,” Sun told CoinDesk. “It mirrors how business operates. Some will thrive, others may fail. That’s the nature of entrepreneurship.”

UPDATE (May 23, 06:15 UTC): Additional insights on Sun’s past investigations and further context included.