Pro-XRP Lawyer Predicts Potential Defeat for SEC in Coinbase Case
A pro-XRP lawyer named John E. Deaton has suggested that the Securities and Exchange Commission (SEC) may face a significant defeat in its ongoing case against Coinbase. Deaton took to Twitter to express his thoughts on the SEC’s recent motion against Coinbase, stating that he initially believed the odds of Coinbase winning were 40%, which is unusually high for a motion to dismiss. However, after reading the SEC’s opposition, Deaton believes the odds have improved to at least 50%. He argues that the SEC’s opposition lacks strong legal arguments.
Comparison to Ripple Case
Deaton draws comparisons to his earlier predictions regarding Ripple’s legal battles and states that he confidently predicted the outcome of the Ripple XRP summary judgment. However, he cautions that the Coinbase decision is more complex than the Ripple case and acknowledges its unpredictable nature. Nevertheless, Deaton believes that Judge Failla could deliver a significant blow to the SEC in this case.
Coinbase vs. SEC Continues
Coinbase’s Chief Legal Officer, Paul Grewal, expressed frustration with the SEC’s recent filing in a tweet. Grewal points out the SEC’s lack of legal citations and challenges their claims by emphasizing that the assets listed on Coinbase are outside their jurisdiction. He also highlights recent court decisions that confirm these assets are not securities. Grewal criticizes the SEC’s regulatory approach for ignoring a large crypto community in the US and mentions an initiative called “Stand With Crypto” where founders from over 40 crypto companies gathered in Washington DC to advocate for rules that promote innovation while protecting consumers.
SEC Faces Setback in Ripple Case
The SEC’s motion against Coinbase comes shortly after a setback in the Ripple case. US District Court Judge Analisa Torres dismissed the SEC’s interlocutory appeal, stating that the SEC did not meet the necessary criteria and lacked clear controlling legal questions. At present, XRP is trading at $0.52975.
Hot Take: Potential Defeat for SEC in Coinbase Case
Pro-XRP lawyer John E. Deaton has suggested that the SEC may face a significant defeat in its ongoing case against Coinbase. Deaton believes that the odds of Coinbase winning have improved to at least 50% after reading the SEC’s opposition, which he claims lacks strong legal arguments. Although Deaton acknowledges the complexity and unpredictability of the Coinbase decision compared to the Ripple case, he believes that Judge Failla could deliver a substantial blow to the SEC. This development follows a recent setback for the SEC in the Ripple case, where their interlocutory appeal was dismissed by US District Court Judge Analisa Torres.
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