XRP Holder’s Attorney Represents Thousands of Coinbase Customers in SEC Battle
In a bold move that could have far-reaching implications for the cryptocurrency industry, XRP holder’s attorney John E Deaton has sought permission to represent over 4,700 Coinbase customers in the ongoing legal battle between the Securities and Exchange Commission (SEC) and Coinbase.
After a recent interview with the SEC and Coinbase by Fox Business journalist Eleanor Terret, Deaton filed for permission to file an amicus curiae on behalf of the large group of Coinbase customers. This move comes after Coinbase filed for an interlocutory appeal following a significant win for the SEC in the case.
At the heart of Coinbase’s appeal is the application of the Howey test to digital asset transactions, which the exchange argues has created ambiguity in determining what constitutes a security. The outcome of this appeal could have major implications for the regulatory status of cryptocurrencies and the broader crypto industry as a whole.
The outcome of the legal battle between Coinbase and the SEC could also have implications for the SEC’s case against Ripple. If Coinbase is successful in challenging certain aspects of the SEC’s regulatory stance, it could set a precedent that Ripple could leverage in its defense. On the other hand, if the SEC prevails against Coinbase, it could strengthen the regulator’s position and influence its approach to similar cases, including Ripple’s.
Deaton’s representation of over 4,700 Coinbase customers not only solidifies the bond between the two companies but also highlights the potential impact of this case on the regulatory landscape of the cryptocurrency industry in the US. The outcome of Coinbase vs. SEC could indirectly affect Ripple’s legal proceedings and shape the overall regulatory environment for cryptocurrencies. Stay tuned for updates as this legal battle unfolds.
