Dave Portnoy denies Pump and Dump memecoin allegations: "No one deceives anyone"

Dave Portnoy is defending his memecoin trades, dismissing allegations of pump and dump. Asserting that: "Nobody is deceiving anybody". Dave Portnoy denies allegations of crypto pump and dump: 'No one deceives anyone' Barstool Sports founder Dave Portnoy is currently refuting allegations that his recent memecoin transactions resemble a pump and dump scheme, asserting that it is a risky but transparent market where participants understand the benefits as well as the potential risks. Using platform X, he has refuted accusations from losing traders. On February 7, he posted: “We all know the rules. We are all trying to make money. No one deceives anyone. If everyone is involved in buying and selling shitcoins, then they should be prepared to lose their investment. Trading always involves risks”. Portnoy has also posted some videos explaining in detail about his recent entry into the altcoin market, explicitly stating whether his actions could cause legal issues or not. He admits that he is not familiar with trading such assets until someone teaches him how they work, prompting him to participate in a trial experience. When describing his first successful transaction with a memecoin, he said, "A guy taught me how to participate ... I bought a memecoin, tweeted that I bought it, the asset then rose in value, and then I sold them." Repeat this process with another type of memecoin, he continues: 'Similarly, I buy in, then I tweet: 'Hey, I'm buying this memecoin and I'll sell it.' I turned a total of $10,000 into $75,000. It happened very quickly.' Admitting that he has made quick profits, he said: “I feel like I can make millions of USD by trading shitcoins. Will we go to jail for this? Can I not do this? I think that's legal…” His comments come as the crypto space regulatory landscape shifts in the US, with the recent overhaul at the (SEC) signaling a potentially more lenient stance towards speculative trading. Crypto mogul David Sacks argues that memecoins should be classified as collectibles rather than financial instruments or securities, considering them speculative assets outside traditional securities regulations. The crypto space is also witnessing increasing public acceptance, with figures like Donald Trump launching their own TRUMP token and Melania Trump also issuing a different type of cryptocurrency. To protect his trading activities, Portnoy compared memecoin speculation to high-stakes gambling, where the timing of the trade will determine success or failure. He explained, “This is not my own project. If I were to launch my own coin, put my name on it, I would ensure that I don’t scam anyone, I won’t withdraw money, won’t dump it, or do anything foolish. These are coins created by others and I simply share that I have bought them. Everyone knows what I’m doing. I’m trying to make money. The coin price may spike and I’ll sell it whenever I want.” To those who are upset about their transactions, he argues: 'Everyone is just angry because they didn't sell them at the right time... So stop complaining. Everyone knows the rules.' He emphasizes: "They are collectibles... and their value can increase or decrease. Everyone knows that... I also lost a lot of money on shitcoins. Don't complain when you don't know how to seize the opportunity and join too late."