Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
Pro-XRP Lawyer Seeks to Protect Everyday Investors in Coinbase vs. SEC Lawsuit
- John Deaton files a request to serve as amicus counsel for 4,701 Coinbase customers in the exchange’s legal battle against the SEC.
- Deaton emphasizes his motivation to protect everyday individuals seeking to build wealth, stating that the issue goes beyond cryptocurrencies.
- Deaton’s involvement in crypto legal battles extends to his Senate campaign, where he outraised crypto-skeptic Senator Elizabeth Warren in the first quarter of 2023.
Pro-XRP lawyer John Deaton has requested to serve as amicus counsel for 4,701 Coinbase customers in the ongoing legal battle between the cryptocurrency exchange and the United States Securities and Exchange Commission (SEC). The lawsuit commenced in June 2023, and Coinbase recently filed an interlocutory appeal after the court denied its motion to dismiss the entire lawsuit.
Deaton, who is admitted to practice in the United States District Court for the Southern District of New York, filed the request on April 19. He aims to represent the Coinbase customers as a friend of the court.
Unleash the potential of leverage trading! Join Bybit today with our link, complete KYC, and earn up to a $40 bonus on a $100 deposit. Don’t miss out on this exclusive offer; claim your bonus now!
Deaton’s Amicus Counsel Request
During a podcast interview with Fox Business journalist Eleanor Terrett on April 18, Deaton expressed his desire to protect everyday individuals who seek to “build a little wealth” in their lives. “This isn’t about crypto, this is about freedom. This is about upward mobility, this is about people who want a fighting chance, people who want to build a little wealth. They are not looking to get rich, they’re not crypto bros,” Deaton stated.
Coinbase’s interlocutory appeal focuses on the “controlling question” of whether an investment contract requires “something contractual,” according to Paul Grewal, the chief legal officer of the exchange. This move comes just days after the court rejected Coinbase’s motion to dismiss the SEC’s lawsuit.
Unleash the potential of leverage trading! Join Bybit today with our link, complete KYC, and earn up to a $40 bonus on a $100 deposit. Don’t miss out on this exclusive offer; claim your bonus now!
Deaton’s Legal and Political Endeavors
Deaton’s involvement in the crypto community’s legal battles is not new. In September 2023, he submitted his notice of appearance as a friend of the court in the LBRY v SEC lawsuit. However, his most notable involvement came in 2021 when he filed an amicus brief on behalf of over 6,000 XRP holders in the lawsuit between the SEC and Ripple Labs.
Deaton’s legal endeavors have extended to the political arena as well. He is currently campaigning for a Senate position, aiming to unseat crypto skeptic Senator Elizabeth Warren. According to reports, Deaton outraised Senator Warren over the first quarter of this year, securing $1.36 million compared to Warren’s $1.09 million. Deaton has personally invested $500,000 into his Senate campaign and has called on his 324,100 followers on X (formerly Twitter) to help raise an additional $500,000.
The crypto community eagerly awaits the outcome of Deaton’s amicus counsel request in the Coinbase vs. SEC lawsuit. The case, along with Deaton’s ongoing legal and political efforts, is likely to have a significant impact on the future of cryptocurrency regulations in the United States.
Enhance Your Crypto Trading Skills With Our Legends’ Trading Masterclass
Empower your crypto trading skills with our Legends Masterclass. Sign up now and take advantage of our limited-time discount offer! Join the class today.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.