Pro-XRP Lawyer Deaton Could Join Coinbase In SEC Lawsuit

Source Bitcoinist
Apr 16, 2024 17:00

John Deaton, a vocal advocate for XRP and broader cryptocurrency rights as well as current US Senate candidate, is reportedly considering involvement in Coinbase’s ongoing legal battle with the Securities and Exchange Commission (SEC). This news emerges as Coinbase seeks an interlocutory appeal to the 2nd Circuit Court of Appeals in its high-profile lawsuit against the SEC.

Fox Business reporter Eleanor Terrett highlighted Deaton’s potential involvement on X, stating, “Is US Senate candidate John Deaton planning to get involved in the Coinbase case? Deaton served as amicus counsel in both the Ripple & LBRY cases. I’ll be interviewing John this week to get that question answered.”

Will Pro-XRP Lawyer Deaton Support Coinbase?

Deaton, known for his staunch criticism of the SEC’s approach to crypto regulation, previously expressed his discontent with the regulatory body on X, labeling SEC Chairman Gary Gensler as “a bad faith regulator pursuing a political agenda.”

In a detailed post on X, Deaton criticized Congress and the SEC, underscoring the need for judicial intervention to achieve regulatory clarity for the crypto industry. He emphasized, “Our checks and balances form of government is one example of what separates America from many other nations.”

Prior to running for the US Senate seat in Massachusetts against crypto-critic Elizabeth Warren, approximately 5,000 Coinbase customers had signed up to form a putative class similar to the XRP lawsuit. “The people who joined are users, developers and small investors. They do not want the SEC pretending to speak for them but that doesn’t mean they want Coinbase speaking for them either,” the pro-XRP lawyer stated.

Notably, Deaton has actively sought to amplify the voices of cryptocurrency users and investors who feel misrepresented by both the SEC and large crypto platforms like Coinbase. His involvement in the Ripple case as amicus counsel on behalf of over 75,000 XRP holders demonstrates his commitment to representing the interests of the broader crypto community.

Deaton’s recent posts suggest he is ready to extend his advocacy to Coinbase users, having already established a platform for them to express their concerns regarding the SEC’s actions in June 2023.

He stated, “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.”

He added, “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:”

Remarkably, Terrett has previously demonstrated her keen insight into Deaton’s political maneuvers. Prior to Deaton’s official announcement of his candidacy against Senator Elizabeth Warren for the US Senate seat in Massachusetts, Terrett interpreted a post by Deaton on X as a subtle hint of his impending campaign. Her prediction proved accurate.

This track record lends weight to her current speculations regarding Deaton’s potential involvement with the Coinbase case, suggesting that her instincts may once again be on target.

At press time, XRP traded at $0.48875.

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