"The reign of terror against crypto is over, and the beginning of innovation in America for crypto has just begun," Sacks said, speaking on Friday at the so-called crypto ball event, intended to drive support for Trump among the crypto community and demonstrate its value to the incoming administration.

Trump has already made good on his campaign promises by selecting a number of crypto boosters for positions in his cabinet and government agencies. These include tech billionaire Elon Musk to head the Department of Government Efficiency and Paul Atkins, an experienced financial regulator and self-proclaimed libertarian, to chair the SEC.

The memecoin sector is full of joke tokens offering little intrinsic value and lots of volatility, feeding criticism of the nascent industry as frivolous and risky.