Barstool Sports founder Dave Portnoy is rejecting accusations that his recent meme coin trading resembles a pump-and-dump scheme, insisting that it’s a risky but transparent market where participants understand the stakes. Using social media platform X to respond to critics, he dismissed complaints from traders who suffered losses. On Feb. 7, he posted:

We all know the rules. We’re all trying to make a buck. Nobody is misleading anybody. If you are buying and selling shitcoins, you should be prepared to lose your investment. It’s a risk.

Portnoy also uploaded several videos elaborating on his recent entry into the altcoin market, addressing whether his actions might be legally problematic. He admitted that he was unfamiliar with trading such assets until someone taught him how it worked, prompting him to try it for the first time.

Describing his first successful trade with a meme coin, he said: “A guy taught me how to get in … I bought [a coin], tweeted that I bought it, the thing went up, then I sold it.” Repeating the process with another meme coin, he continued: “Same thing, tweeted: ‘Hey, I’m buying this. I’m gonna sell it.’ I turned like 10 grand total into like 75 grand. I don’t even know how. It happened so fast.” Acknowledging the rapid gains, he opined:

I feel as though I could sit here and make millions trading shitcoins. Do you go to jail for this? Can I not do this? I think it’s legal … This is just being a trader.

His comments come as the regulatory landscape around cryptocurrency shifts in the U.S., with a recent shakeup at the Securities and Exchange Commission (SEC) potentially signaling a more lenient stance on speculative trading. Crypto Czar David Sacks has argued that meme coins should be classified as collectibles rather than financial instruments or securities, framing them as speculative assets outside traditional securities regulations. The crypto space has also seen increasing mainstream acceptance, with figures like Donald Trump launching his own TRUMP token and Melania Trump releasing a cryptocurrency.

Defending his trading activity, Portnoy compared meme coin speculation to a high-risk game where timing determines success or failure. He explained: “This isn’t my own coin. If I launch my own coin, put my name on it, trust me, I’m going to make sure 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 other coins that are already out there that I’m telling you I bought. You know what I’m doing. I’m trying to make money. It pops, I sell it when I feel like it.”

Addressing those who were upset about his trades, he argued: “You’re just mad you didn’t dump them on f*** me … So stop crying. Everyone knows the rules. This isn’t like Joe Six-Pack or your grandmother who’s losing their life savings.” He stressed:

This is everybody playing the same game which is legal now. They’re collectibles … They’re going up and down. Sacks said it. You all know the score … I’ve lost tons of money on shitcoins. Don’t cry because you’re too late.

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