John Deaton, a prominent supporter of XRP and cryptocurrency liberties, together with his current campaign for a US Senate seat, is reportedly pondering joining Coinbase’s legal team in their ongoing dispute with the Securities and Exchange Commission (SEC). This update comes as Coinbase applies for permission to bring an interlocutory appeal to the 2nd Circuit Court of Appeals in this significant court case versus the SEC.
Eleanor Terrett of Fox Business brought up the possibility of US Senate candidate John Deaton participating in the Coinbase case. She mentioned, “Could John Deaton intervene in the ongoing Coinbase issue? He previously represented amicus briefs for Ripple and LBRY in court. I’ll be speaking with John this week to clarify this matter.”
Will Pro-XRP Lawyer Deaton Support Coinbase?
Deaton, who is well-known for his harsh criticisms of the SEC’s methods for overseeing crypto regulations, has voiced his dissatisfaction with the agency on various occasions. He once accused SEC Chairman Gary Gensler of acting in bad faith and pursuing a political agenda.
In his comprehensive article about X, Deaton expressed concern and criticized both Congress and the SEC for lacking clarity in crypto regulations. He advocated for judicial intervention to bring much-needed definition to the industry. Deaton highlighted, “The United States stands out with its system of checks and balances as opposed to other countries.”
Before contesting against Elizabeth Warren for the US Senate seat in Massachusetts, around 5,000 Coinbase users had registered to potentially form a class action group akin to the XRP lawsuit. These individuals consist of users, developers, and small investors. They aim to assert their own voices instead of having the SEC represent them, but they do not desire Coinbase to take on that role either, as expressed by the pro-XRP attorney.
Deaton has been an advocate for cryptocurrency users and investors who believe they have been misunderstood by the SEC and major crypto exchanges like Coinbase. His role as amicus counsel in the Ripple case, representing over 75,000 XRP holders, shows his dedication to championing the causes of the larger cryptocurrency community.
Deaton’s latest messages indicate that he is prepared to support Coinbase users, following his creation of a venue where they can voice their worries about the SEC’s actions from June 2023.
In his declaration, he mentioned having a Google form similar to what he used in the Ripple case for identifying a potential class of customers and crypto account users on these platforms. Moreover, he expressed his concern that the SEC, led by Gary Gensler, seems disregardful of safeguarding small investors and instead prioritizes serving their political superiors.
He remarked, “Coinbase and its legal team are obligated to prioritize the needs of employees and shareholders. However, the customers, who aren’t stockholders in COIN, also matter. I will keep advocating on their behalf. If you’re a Coinbase user and want to join this cause, feel free to do so:”
Before Deaton formally declared his intent to run against Senator Elizabeth Warren for the Massachusetts Senate seat, Terrett astutely picked up on a clue from him. A post of Deaton’s on X, which she deciphered as a veiled indication of his upcoming campaign, was correctly identified by Terrett beforehand.
Her past accomplishments support her present suspicions about Deaton’s role in the Coinbase investigation, implying that her intuition might be correct yet again.
At press time, XRP traded at $0.48875.
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2024-04-16 20:11