- John Deaton, the attorney representing a significant group of XRP token holders, asserts that the SEC is not acting in the users’ best interests and advocates for their increased involvement in ongoing lawsuits.
- Deaton is exploring the potential for amicus status for Coinbase and Binance users, which would allow them, despite not being directly involved in the case, to express their interests and opinions.
John Deaton, an attorney renowned for his representation of over 75,000 XRP token holders, is initiating a novel movement in the realm of cryptocurrency litigation. Criticizing the U.S. Securities and Exchange Commission’s (SEC) approach towards Coinbase and Binance users, Deaton is encouraging these users to consolidate and voice their concerns in ongoing legal proceedings.
Amid allegations that the SEC’s actions are not aligned with the best interests of these platform users, Deaton advocates for the formation of a user group who can actively participate in the lawsuits. The ultimate aim of this initiative is to achieve an amicus status for the said group.
The amicus status refers to a legal permission granted to a person or group of people who, despite not being direct parties to a case, exhibit strong interest in the lawsuit’s underlying premise. This status enables them to submit an “amicus brief,” which essentially offers them a platform to express their viewpoints and arguments.
In the ongoing Ripple Vs. SEC lawsuit, a precedent of such active involvement exists, with as many as 15 amicus briefs being filed in support of Ripple by various parties, including the Coinbase Blockchain Association and the Chamber of Digital Commerce.
Contrary to what one might expect, the crypto market seemed relatively unfazed by these successive lawsuits. Bitcoin price exhibited a mere weekly loss of 1.73%.
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Deaton, in an attempt to consolidate the voices of the users, has shared a Google Form. Users can fill in their names and email addresses to express their interest in this initiative. The attorney maintains that crypto exchanges can only be expected to act in their own interests and not necessarily those of their users.
Hence, he underscores the need for the users’ voices to be heard in the court. If the response is affirmative, the group could potentially file for the coveted amicus status.
Casting a critical light on the SEC, Deaton alleges that the regulatory body’s agenda neglects the best interests of retail crypto holders, highlighting the importance of this user-driven initiative.
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