Dave Portnoy is defending his meme coin buying and selling, rejecting crypto pump-and-dump accusations. Insisting that “No one is deceptive anyone,” he questioned: “Do you go to jail for this?”
Dave Portnoy Rejects Crypto Pump-and-Dump Accusations: ‘No one Is Deceptive Anyone’
Barstool Sports activities founder Dave Portnoy is rejecting accusations that his current meme coin buying and selling resembles a pump-and-dump scheme, insisting that it’s a dangerous however clear market the place individuals perceive the stakes. Utilizing social media platform X to reply to critics, he dismissed complaints from merchants who suffered losses. On Feb. 7, he posted:
Everyone knows the foundations. We’re all attempting to make a buck. No one is deceptive anyone. In case you are shopping for and promoting shitcoins, try to be ready to lose your funding. It’s a danger.
Portnoy additionally uploaded a number of movies elaborating on his current entry into the altcoin market, addressing whether or not his actions is perhaps legally problematic. He admitted that he was unfamiliar with buying and selling such property till somebody taught him the way it labored, prompting him to strive it for the primary time.
Describing his first profitable commerce with a meme coin, he stated: “A man taught me learn how to get in … I purchased [a coin], tweeted that I purchased it, the factor went up, then I offered it.” Repeating the method with one other meme coin, he continued: “Similar factor, tweeted: ‘Hey, I’m shopping for this. I’m gonna promote it.’ I turned like 10 grand complete into like 75 grand. I don’t even understand how. It occurred so quick.” Acknowledging the fast positive aspects, he opined:
I really feel as if I might sit right here and make thousands and thousands buying and selling shitcoins. Do you go to jail for this? Can I not do that? I feel it’s authorized … That is simply being a dealer.
His feedback come because the regulatory panorama round cryptocurrency shifts within the U.S., with a current shakeup on the Securities and Alternate Fee (SEC) doubtlessly signaling a extra lenient stance on speculative buying and selling. Crypto Czar David Sacks has argued that meme cash needs to be categorised as collectibles slightly than monetary devices or securities, framing them as speculative property outdoors conventional securities rules. The crypto house has additionally seen rising mainstream acceptance, with figures like Donald Trump launching his personal TRUMP token and Melania Trump releasing a cryptocurrency.
Defending his buying and selling exercise, Portnoy in contrast meme coin hypothesis to a high-risk sport the place timing determines success or failure. He defined: “This isn’t my very own coin. If I launch my very own coin, put my title on it, belief me, I’m going to verify I don’t get f*** scammed, I’m not gonna rug pull, I’m not gonna dump, I’m not going to do any of that shit. These are different cash which can be already on the market that I’m telling you I purchased. You already know what I’m doing. I’m attempting to earn a living. It pops, I promote it after I really feel prefer it.”
Addressing those that have been upset about his trades, he argued: “You’re simply mad you didn’t dump them on f*** me … So cease crying. Everybody is aware of the foundations. This isn’t like Joe Six-Pack or your grandmother who’s shedding their life financial savings.” He pressured:
That is everyone taking part in the identical sport which is authorized now. They’re collectibles … They’re going up and down. Sacks stated it. You all know the rating … I’ve misplaced tons of cash on shitcoins. Don’t cry since you’re too late.
