Attorney John Deaton to Present Oral Arguments for XRP Holders in Coinbase-SEC Lawsuit
Attorney John Deaton, who is known for representing XRP holders, is preparing to present oral arguments on behalf of customers during the upcoming Coinbase-SEC lawsuit. The key date in this legal battle is January 17, 2024, when Coinbase’s motion for judgment will be heard by the court.
In June, the SEC accused Coinbase of violating securities laws by operating as an unregistered securities exchange, broker, and clearing agency. In response, Coinbase has called for the dismissal of these complaints, arguing that the SEC has overstepped its jurisdiction.
The Significance of January 17, 2024
John Deaton emphasizes the importance of January 17, 2024, when oral arguments for Coinbase’s motion to dismiss (MTD) will take place. Typically, judges do not schedule oral arguments for MTDs as they are usually denied based on the documents alone. The fact that an oral argument has been scheduled could potentially be a setback for the SEC. Deaton explains that the unique nature of Coinbase’s MTD has warranted special consideration from the judge.
As part of the proceedings, both parties must meet and draft a timeline for the oral arguments, including the duration allotted to each side. This proposed timeline should be submitted to the court by November 17, 2023.
Ripple-Like Amicus Curiae Filed by 5,000 Customers
In June 2023, when the SEC filed a lawsuit against Coinbase, John Deaton invited prospective customers to sign up as amicus curiae to ensure their voices were heard. As a result, approximately 5,000 individuals have registered as potential amici curiae in the SEC action. Deaton plans to represent these individuals during the oral arguments despite not being directly involved in the case. If the lawsuit progresses further in District Court or on appeal, the customers’ amicus petition will be examined more thoroughly.
Hot Take: The Involvement of John Deaton and XRP Holders Crucial in Coinbase-SEC Case
As the Coinbase-SEC legal battle continues, the participation of attorney John Deaton and the 5,000 registered customers as potential amici curiae will play a crucial role in shaping the outcome of this significant case. Their representation during the oral arguments brings additional perspectives and voices to the proceedings, potentially influencing the judge’s decision. This case has garnered widespread attention within the crypto community, as its outcome may have implications for how cryptocurrencies are regulated in the future.
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