Attorney John Deaton, who represents around 75,000 XRP holders in the Ripple lawsuit against the U.S. Securities and Exchange Commission (SEC), is gearing up for oral arguments on behalf of individual customers on January 17, 2024, when crypto exchange Coinbase’s motion for judgment comes before the court.
Also Read: Ethereum Price Prediction: ETH Rally Hits Pause Ahead Of Imminent Dencun Upgrade Breakout
XRP Lawyer To Repeat Ripple Like Amicus Curiae In Coinbase Lawsuit?
Earlier, CoinGape reported that a federal judge approved Coinbase’s motion for oral arguments against the U.S. SEC. The exchange argues that the transactions under question do not qualify as investment contracts and that staking services do not involve the investment of money, and digital assets cannot be seen as securities. The judge has set January 17, 2024 as the date for oral arguments in New York. At the core of the exchange’s version is the claim that reasoning for digital tokens for consideration as securities are not applicable.
Following the SEC’s filing of complaint against Coinbase in June 2023, John Deaton had invited interested customers to come forward to join for an amicus curiae, seeking that their voice is heard. Over time, as many as 5,000 users joined the list for a potential amicus curiae in the lawsuit against the SEC. With the motion to dismiss scheduled for early 2024, consideration of the customers’ amicus filing also comes to the spotlight. Deaton said,
“I have about 5,000 Coinbase customers who have joined to participate as potential amici curiae – if the case were to continue, either in District Court or on appeal.”
Regulatory Gridlock
Recently, the exchange sought a legislative approach by United States lawmakers to put an end to the SEC’s overreach, which is marked by enforcement only approach. Prior to the hearing of US SEC Chair Gary Gensler before the US Senate Banking Committee in September 2023, the Coinbase management called for legislative resolution to avoid migration of digital asset innovation overseas.
Also Read: Standard Chartered-Backed Zodia Markets Receives VASP License In Ireland
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Crypto Market News: What started as a check of interest is likely building up into potentially an Amicus Curiae status granted to Coinbase users in the U.S. Securities and Exchange Commission (SEC) lawsuit. John Deaton, the lawyer representing over 76,000 XRP token holders in the SEC lawsuit, had last week asked if Coinbase and Binance users could unite into a group to fight for themselves. This could go on to be very important development in the history of crypto market as the two lawsuits against the crypto exchanges could drag on for a long period. Coinbase and Binance have recently been involved in separate SEC lawsuits over alleged violation of the securities laws.
Also Read: Will Mark Cuban Speak On Crypto Before US Senate?
In the Ripple Vs SEC lawsuit, as many as 16 companies filed an amicus curiae. The XRP community is awaiting the all important Summary Judgement from Judge Analisa Torres.
Coinbase Lawsuit Amicus Curiae: More Users To Join?
The main agenda behind attempting to gain amicus status is to help make user voices heard while the crypto exchange is defending itself in the lawsuit. Since asking for user details for amicus curiae on June 9, Deaton managed to unite around 1,500 users so far in the Coinbase lawsuit. The attorney reiterated,
“This isn’t about helping Coinbase. It’s about speaking up if you believe these regulators aren’t protecting you or you don’t want their type of protection.”
Earlier, the Alabama Securities and Exchange Commission (ASC) and authorities of ten other US States charged Coinbase for alleged violation of securities laws. The charges also included alleged operation of staking programs in these states without authoization. Hence, the views of Coinbase users from these states could also be helpful.
Also Read: Mark Cuban Predicts 99% of Tokens will Go Broke, Survivors Will be Game Changers
AD
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
✓ Share: