Attorney John Deaton ready to file amicus brief on behalf of Coinbase and Binance clients
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Reality has set in, with stock exchanges Binance and Coinbase ready to defend themselves against charges brought by the United States Securities and Exchange Commission (SEC) in court. In light of this, the attorney for the XRP holders, John Deaton, is make a gesture which will also see him represent the users of these two exchanges by filing an amicus brief on their behalf.
Deaton’s Stance
Taking to his favorite communication channel, Twitter, Deaton shared information about his role in Ripple’s ongoing lawsuit against SEC and the similarities the case shares with the charges against the Binance and Coinbase duo. He noted that while he does not support Ripple Labs as a company, he would not support or work against Binance and Coinbase either.
He pointed out that the fact that the SEC cleared Coinbase for its IPO more than two years ago and is now backtracking on its support is proof that the market regulator is not acting in favor of users of this platform.
Coinbase has requested an acceleration regarding its IPO. BEFORE the SEC APPROVED the acceleration, it had to specifically determine that the listing was:
IN THE INTEREST OF THE PUBLIC 👇
2 years later, the SEC says it is in the public interest to permanently shut down Coinbase.
— John E Deaton (@JohnEDeaton1) June 9, 2023
Attorney Deaton said he also does not expect the two exchanges to directly defend their clients, but to focus on their own products.
“As I told the judge in the Ripple case, I expect Ripple to watch over Ripple and not over an individual #XRPHolders. The same goes for Coinbase and Binance. But the SEC is NOT acting in the best interests of retail crypto holders and that’s for sure. The SEC has an agenda,” he said in his Twitter feed.
next moves
Although the case has not progressed to the legal stage, it is likely that it will in the near future. Taking a proactive step, Deaton released a form to collect details from Coinbase and Binance users interested in being represented. According to him, the details will remain anonymous and will not be shared with anyone unless requested by the courts.
Over the past two years, John Deaton has made a name for himself as a major player in the Ripple case with his analysis and representation of over 75,000 XRP holders.
