XRP Advocate John Deaton Contemplating Involvement in Coinbase Legal Battle
John Deaton, a prominent advocate for XRP and the broader cryptocurrency community, as well as a current US Senate candidate, is reportedly deliberating joining Coinbase in its ongoing legal dispute with the Securities and Exchange Commission (SEC). This development comes as Coinbase pursues an interlocutory appeal to the 2nd Circuit Court of Appeals in its highly publicized lawsuit against the SEC.
Deaton’s Potential Support for Coinbase
– Deaton, recognized for his strong opposition to the SEC’s regulatory approach towards cryptocurrencies, previously voiced his dissatisfaction with the regulatory body, specifically criticizing SEC Chairman Gary Gensler as “a bad faith regulator pursuing a political agenda.”
– Through a detailed post on X, Deaton lambasted Congress and the SEC, highlighting the necessity for judicial intervention to establish clear regulatory guidelines for the crypto industry, emphasizing the importance of the American system of checks and balances.
Prior to his Senate candidacy bid in Massachusetts against crypto critic Elizabeth Warren, around 5,000 Coinbase customers had expressed interest in forming a putative class akin to the XRP lawsuit. Deaton noted that the individuals joining this class represented users, developers, and small investors who wished to have their voices heard, distancing themselves from both the SEC and Coinbase.
Advocating for Cryptocurrency Users and Investors
– Deaton actively amplifies the concerns of cryptocurrency users and investors who believe they are being misrepresented by regulatory bodies and major crypto platforms like Coinbase.
– His involvement in the Ripple case as amicus counsel on behalf of over 75,000 XRP holders showcases his dedication to advocating for the broader crypto community.
Recent statements from Deaton indicate his readiness to broaden his advocacy to include Coinbase users, providing a platform for them to voice their grievances regarding the SEC’s actions in June 2023.
He expressed, “As I did in the Ripple case, I have a Google form to establish a putative class of customers and crypto account holders who use these platforms. Gary Gensler and the SEC have demonstrated that they are not interested in protecting small investors and operate only to serve their political masters.”
Stressing the importance of customer representation, Deaton affirmed, “Coinbase and its lawyers must serve the interests of employees and shareholders. The customers, who don’t own shares in COIN, deserve a voice. I will continue to be that voice. If you’re a Coinbase customer and want your voice heard, here you go.”
Predictions and Insights
– Fox Business reporter Eleanor Terrett has shown exceptional foresight in predicting Deaton’s political actions, accurately interpreting his online posts to anticipate significant decisions.
– Terrett’s past accuracy lends credibility to her current speculations about Deaton’s potential involvement in the Coinbase case, hinting that she may once again be on the mark.
Hot Take: Deaton’s Impactful Potential Role
John Deaton’s consideration of involvement in Coinbase’s legal battle against the SEC underscores his unwavering dedication to advocating for the rights of cryptocurrency users and investors. If Deaton chooses to support Coinbase, it could significantly bolster the platform’s defense against regulatory overreach, representing a crucial step towards establishing regulatory clarity in the crypto space. As a vocal advocate for XRP and broader crypto rights, Deaton’s expertise and commitment could offer valuable support to Coinbase and its community. Exciting developments lie ahead as Deaton’s potential role unfolds.
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