John Deaton, a well-respected attorney advocating for Ripple, has asked to join the legal team as a friend of the court in support of 4,701 Coinbase users involved in the ongoing dispute between Coinbase and the Securities and Exchange Commission (SEC). The request arises as Coinbase looks for legal guidance from the courts regarding whether digital assets like cryptocurrencies can be categorized as investment contracts in the absence of an underlying contract.
John Deaton Opens Up On Coinbase Vs SEC Case
In an interview with Fox’s Eleanor Terrett, Deaton discussed the reasons behind Coinbase’s popularity despite the ongoing SEC case. He stated, “The issue boils down to the SEC failing to provide clear laws and guidelines in the digital asset sector.” Furthermore, he emphasized the need for regulatory clarity from the SEC regarding cryptocurrencies.
Additionally, the discussion centered around Coinbase’s approach to strategic planning in seeking legal clarity. Deaton praised Coinbase for following the SEC’s lead in the Ripple case, stating, “They have essentially aligned themselves with the SEC’s stance.”
In the Ripple case, the SEC made the point that the Second Circuit Court should clarify this matter. They brought their argument before Judge Torres. However, instead of addressing the issue, Judge Torres chose not to, thereby establishing a precedent for the present situation.
Coinbase argues that the Second Circuit should provide clarity on ambiguities in the regulations based on a previous court ruling, as asserted by Judge Deaton. The SEC is expected to support this call since they made a similar argument during the Ripple case. This approach aims to restrict the SEC’s choices and could impact the final court decision.
The lawyer also showed cautious hope regarding the outcome of the Coinbase versus SEC appeal. He admitted, “The chances are equal, it’s a toss-up.” Deaton underscored the significance of the case, pointing out that people’s savings are on the line.
Although Deaton acknowledged the unpredictability of Judge Failla’s decision in the judicial process, he remained hopeful that Coinbase’s motion would be successful. He remarked, “Judge Failla’s ruling is hard to predict, but I believe there’s a good chance she will approve it.”
Deaton Defends Bitcoin
Terrett’s probe into Judge Failla mentioning Judge Rakoff’s viewpoint ignited an animated debate on the inherent worth of digital assets. Deaton strongly advocated for Bitcoin’s (BTC) inherent value, which has been challenged by figures like Senator Elizabeth Warren and Peter Schiff. Additionally, he insisted, “The inherent value lies in the ecosystem – this self-governing, invulnerable software that generates a limited supply of tokens.”
Additionally, he disagreed with the idea that a digital asset’s investment status is dependent on whether it forms part of an ecosystem. He questioned the commonly held views regarding the cryptocurrency sphere. Simultaneously, Deaton’s analysis of the Coinbase vs SEC case provided valuable insights into the potential future directions for crypto regulation.
Deaton stressed the importance of clear regulations in the developing field of cryptocurrency to protect people’s rights. He asserted, “The government should not dictate what people are allowed or not allowed to possess.”
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2024-04-20 11:35