In a significant development within the ongoing legal battle between the U.S. Securities and Exchange Commission (SEC) and Coinbase, over 1,500 users have rallied behind lawyer John Deaton’s efforts to secure Amicus Curiae status for users. With around 76,000 XRP token holders represented in the SEC lawsuit, Deaton’s call for unity among Coinbase and Binance users marks a crucial milestone in the crypto market’s history. Given the potential prolonged duration of the lawsuits against these exchanges, this united front could be a game-changer.
The primary objective of pursuing amicus status is to provide a platform for user voices to be heard while Coinbase defends itself in the lawsuit. Individuals or groups vested in the case can request permission to submit an “amicus brief.” In comparison, not direct parties to the litigation, those granted amicus status are intensely interested in the lawsuit’s premise.
Coinbase Lawsuit Amicus Curiae: Growing Support Signals More Users Joining The Cause
Since John Deaton’s call for user details regarding amicus curiae on June 9, approximately 1,500 users have joined forces in the lawsuit. This impressive response showcases the growing determination among users to ensure their concerns and perspectives are given due attention. In reaffirming his commitment to this cause, Deaton emphasized that this initiative is not about aiding exchange but rather about allowing users to express their discontent with regulatory oversight or the current protection.
This isn’t about helping coinbase. It’s about speaking up if you believe these regulators aren’t protecting you or you don’t want their type of protection.
The significance of Coinbase users’ views extends beyond the SEC lawsuit. Before, the Alabama Securities and Exchange Commission (ASC) and authorities from ten other U.S. states charged Coinbase with securities law violations. These charges encompassed the unauthorized operation of staking programs. The viewpoints of Coinbase users from these jurisdictions could help strengthen the collective efforts seeking amicus curiae status.
As pursuing amicus curiae status gains momentum, Coinbase users have demonstrated their resolve to have their voices heard. By uniting in this endeavor, they aim to make a lasting impact on the outcome of the SEC lawsuit, potentially shaping the future regulatory landscape for the entire cryptocurrency industry.
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