In the high-stakes legal clash between cryptocurrency exchange Coinbase and the U.S. Securities and Exchange Commission (SEC), XRP holders’ legal representation John Deaton has made a calculated decision not to submit an amicus brief.
This strategic move has left the crypto community buzzing with speculation about the potential implications it may have on the ongoing legal tussle.
XRP Lawyer’s Choice Not to File Amicus Brief
A calculated move has injected fresh intrigue into the legal battle, when pro-XRP attorney John Deaton, who is set to represent over 4,200 customers, chose not to submit an amicus brief, a decision that has sent shockwaves throughout the cryptocurrency community and legal circles alike.
Although the deadline for such filings is rapidly approaching, Deaton’s rationale stems from the lawsuit’s nature, which he describes as a “Narrow Issue of Law.” Eventually, the decision to not submit an amicus brief within the stipulated timeframe was calculated as a strategic move
Further delving into his reasoning, Deaton pinpointed Coinbase’s core argument, which revolves around the contention that the tokens designated as securities by the SEC do not satisfy the criteria of investment contracts under existing legal precedents.
Comparing Legal Strategies: XRP Lawsuit vs. Coinbase Case
John Deaton, the lawyer representing many XRP holders, put on his analytical hat to compare two legal battles: the XRP lawsuit and the ongoing Coinbase case against the SEC. He looked at how people view situations differently.
Deaton further pointed out that the over 75,000 XRP holders he’s defining might have a different take on the matter compared to Ripple, the parent company. This difference is crucial and forms the basis for his thinking about whether an amicus brief could be helpful from the holders’ perspective.
But when it comes to the Coinbase case, things are a bit simpler. Deaton explained that most Coinbase users probably see things more like the platform does. So, filing an amicus brief in this situation wouldn’t really add much.
Deaton’s choice not to file an amicus brief in the Coinbase v. SEC case isn’t just him sitting on the sidelines. It’s a strategic decision that shows his clever way of approaching legal matters in a complex world.