Key Takeaways:
- John Deaton’s Legal Advocacy: Pro-XRP lawyer John Deaton has filed to serve as amicus curiae for 4,701 Coinbase customers in their legal battle with the SEC, emphasizing his role in defending cryptocurrency user rights.
- Coinbase’s Ongoing SEC Dispute: Following a court setback, Coinbase has launched an interlocutory appeal questioning the need for a formal agreement in defining an investment contract, indicating a pivotal point in their fight with the SEC.
- Deaton’s Broader Motives: Beyond legal advocacy, Deaton is running for a Senate seat, targeting broader issues like economic freedom and upward mobility, contrasting with crypto critic Senator Elizabeth Warren.
Pro-XRP lawyer John Deaton is taking a significant step to support Coinbase customers amid the company’s legal struggle with the U.S. Securities and Exchange Commission (SEC).
Deaton has filed a request to serve as amicus curiae, or a friend of the court, on behalf of 4,701 Coinbase users, aiming to protect their rights in the ongoing lawsuit.
🚨NEW: @JohnEDeaton1 has filed for permission to appear as amici counsel on behalf of 4,701 @coinbase customers in the @SECGov vs. @coinbase case. https://t.co/XUCyBvS1kn pic.twitter.com/IEMNv7leak
— Eleanor Terrett (@EleanorTerrett) April 19, 2024
This legal action follows a recent development where the court dismissed a motion from Coinbase, leading to an immediate filing of an interlocutory appeal by the exchange.
The appeal focuses on whether an investment contract requires a formal agreement, as outlined by Coinbase’s chief legal officer, Paul Grewal.
John Deaton’s dedication to supporting the crypto community is evident from his consistent involvement in key lawsuits.
John Deaton and Att'y Gannon have jumped into the SEC v. LBRY case!
— Jeremy Hogan (@attorneyjeremy1) December 16, 2022
Their Amicus Brief argues that the LBRY token held by retail should not be deemed a security.
SEC's refusal to agree to this fact runs completely contrary to its #1 mandate – protect retail. I'll never get it. https://t.co/fb7AUw8JKc
Previously, he represented thousands of XRP holders in a notable case against Ripple Labs and has also participated as amicus counsel in other significant cases like LBRY v SEC.
During a podcast interview with Fox Business journalist Eleanor Terrett on April 18, Deaton shared his broader motivation behind these legal efforts.
In October, before launching his Senate campaign, @JohnEDeaton1 said he would file an amicus brief on behalf of 5,000 individual @coinbase customers if the @SECGov case proceeded to District Court or appeal. Now it has, I asked if he still plans to help.
— Eleanor Terrett (@EleanorTerrett) April 17, 2024
Full interview to come. pic.twitter.com/BVJI9XcFHL
He emphasized that his advocacy is not solely about cryptocurrency but about ensuring economic freedom and the opportunity for everyday people to enhance their financial well-being.
“This isn’t about crypto, this is about freedom. This is about upward mobility, this is about people who want a fighting chance, people who want to build a little wealth. They are not looking to get rich, they’re not crypto bros,” Deaton explained.
In a more personal venture, Deaton has recently turned his efforts towards politics, running for a Senate seat currently held by a well-known critic of cryptocurrency, Senator Elizabeth Warren.
No fear. Never give up. I live by these words. If I could self-fund, I would. You have my word, I will fight for you in the U.S. Senate. Let’s send a clear message to @ewarren – her time as Senator is up.
— John Deaton (@DeatonforSenate) March 21, 2024
If you're done with politics as usual, go to https://t.co/JsKBqLKSto.… pic.twitter.com/VHHSLJQPmq
His campaign has gained traction, notably raising more funds than Warren in the first quarter of this year.
Deaton, who has already invested $500,000 of his own money into his campaign, continues to engage his substantial following to support his political ambitions.
I’m excited for the opportunity to fight for change, and for the people of Massachusetts in the United States Senate.
— John Deaton (@DeatonforSenate) February 20, 2024
Join my campaign today: https://t.co/TGYV8NmWD0
By positioning himself as a defender of both consumer rights and economic freedom, Deaton’s actions reinforce his commitment to the crypto community and broader societal issues.
About The Author
Fleming Airunugba, a seasoned Web3 and crypto content expert, leverages his deep understanding of blockchain technology to bring the latest and most impactful news to the crypto community.
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