XRP Supporter and Lawyer Believes Coinbase Has a Strong Chance of Winning SEC Lawsuit
XRP supporter and lawyer John Deaton believes that Coinbase has a significant chance of having the lawsuit filed against it by the U.S. Securities and Exchange Commission (SEC) dismissed. Speaking at the iConnections Global Alts conference, Deaton stated that typically, a motion to dismiss has a low chance of success. However, he believes that Coinbase’s chances are much higher, around 40%. The SEC filed the lawsuit in June 2023, accusing Coinbase of operating as an unregistered securities exchange, broker, and clearing agency. Deaton also predicts that even if the case goes to trial, Coinbase will ultimately emerge victorious.
Positive Outlook on Supreme Court Outcome
Deaton further emphasized that if the case reaches the Supreme Court, it is highly likely that Coinbase will succeed due to the court’s composition and its recognition of major questions surrounding cryptocurrency. He pointed out that one in four adults in the United States own crypto assets and there is significant demand for access to this asset class. This control factor suggests a favorable outcome for Coinbase.
Support from Hedge Fund Veteran
Hedge fund veteran Anthony Scaramucci also expressed confidence in Coinbase’s victory over the SEC in the long run. He believes that while they may lose initially, they will ultimately prevail in the Supreme Court. Scaramucci considers the Coinbase case to be instrumental and expects a positive outcome for CEO Brian Armstrong.
Hot Take: Coinbase’s Chances of Dismissing SEC Lawsuit Are Promising
In a recent conference, XRP advocate and attorney John Deaton expressed optimism about Coinbase’s likelihood of having the U.S. Securities and Exchange Commission (SEC) lawsuit dismissed. While motions to dismiss typically have a low success rate, Deaton believes that Coinbase has a substantial chance of winning, estimating it to be around 40%. Furthermore, even if the case proceeds to trial, Deaton predicts that Coinbase will ultimately emerge as the victor. He also highlights the potential for a favorable outcome in the Supreme Court due to the court’s composition and the high demand for cryptocurrency access in the United States.
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