John Deaton, the crypto-savvy lawyer and founder of CryptoLaw US, made a significant announcement on June 9, 2023. Known for his stalwart support of XRP, Deaton has publicly criticized both the Security and Exchange Commission (SEC) and the crypto exchanges they have targeted in recent lawsuits, notably Binance and Coinbase.
The SEC has lodged allegations against these platforms, claiming to act in the interests of digital asset investors, users, and holders. Deaton argues this is far from the case and seeks to represent the real voice of crypto investors.
SEC Accused of Double Standards
Coinbase’s request for IPO Acceleration was previously approved by the SEC, signifying that the listing was in the public’s interest. In a startling about-face, the SEC now asserts that shutting down Coinbase permanently would be beneficial to the public.
Deaton’s main argument is that the SEC is not defending the best interests of retail crypto holders, suggesting instead that the Commission has its own undisclosed agenda.
Standing up for Crypto Investors
Drawing parallels with his involvement in the Ripple case, Deaton emphasizes his role is not to defend the companies but the interests of the individual crypto investors and holders. In the Ripple case, Deaton filed an amicus brief, representing over 75,000 XRP holders, arguing that even if Ripple violated securities laws when it sold XRP, the token itself was not a security.
The advocate has extended a similar approach to the current Coinbase and Binance situations. He launched a Google form to gather a potential class of customers and crypto account holders who use these platforms, aiming to make their voices heard in court.
Rallying Cry for Crypto Community
As of July 4, 2023, Deaton’s initiative is gaining momentum, with over 2,331 customers having already expressed interest in joining the potential amicus curiae in the SEC vs. Coinbase lawsuit.
Deaton reiterated his stance, insisting this move isn’t about defending the actions of Binance or Coinbase. Instead, it’s about allowing the crypto community to speak for themselves rather than having the SEC or the accused companies represent their interests.
Source: https://coinpedia.org/news/crypto-vs-sec-john-deatons-new-tactic-using-amicus-curiae-against-the-sec/