Ripple’s XRP Holder’s Attorney to Represent Over 4,700 Coinbase Customers in SEC vs. Coinbase Case
A few hours later after Eleanor Terret’s interview with the Securities and Exchange Commission (SEC) and Coinbase, the Fox Business journalist XRP holders’ attorney John E Deaton sought permission to represent a sizable group of Coinbase customers.
XRP holders’ attorney in Coinbase Fight
Attorney John E Deaton has filed for permission to file an amicus curiae on behalf of 4,701 Coinbase customers in the SEC vs. Coinbase case.
After the SEC scored a huge win on the case, Coinbase made a bold move by filing for an interlocutory appeal, challenging a key legal point in its dispute with the SEC. This appeal aims to address the regulatory uncertainty surrounding digital assets which could have far-reaching implications for the crypto industry.
At the core of Coinbase’s appeal is the application of the Howey test to digital asset transactions, which the exchange argues has led to ambiguity in determining what constitutes a security. By raising this point, Coinbase aims to address fundamental questions surrounding the regulatory status of cryptocurrencies.
Implications Of Ripple vs SEC
The outcome of the legal battle between Coinbase and the SEC could have implications for the SEC vs Ripple case.
If Coinbase successfully challenges certain aspects of the SEC’s regulatory stance on digital assets, it may set a precedent or provide legal arguments that Ripple could leverage in its defence.
Conversely, if the SEC prevails against Coinbase, it could bolster the regulator’s position and influence its approach to similar cases, including Ripple’s. Additionally, developments in one case may inform regulatory policies and interpretations that could impact the broader crypto industry, including Ripple.
The outcome of Coinbase vs. SEC could indirectly affect Ripple’s legal proceedings and the overall regulatory environment for cryptocurrencies.
John E Deaton’s representation of over 4,700 Coinbase customers not only sets a strong bond between the two companies but also the outcome of this case will undoubtedly have a profound impact on the regulatory landscape of the cryptocurrency industry in the US.
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