XRP-focused attorney John E Deaton has indicated his intention to stand up for the users of Binance and Coinbase by submitting an amicus brief on their behalf against the SEC.
Deaton, a staunch SEC critic frequently spars with the regulator, accusing it of lying to protect users, users, and holders of digital assets.
In a long Twitter thread, he pointed out the inconsistencies, especially in the SEC’s 2021 approval of the Coinbase IPO and two years later suing the exchange for acting as an unregistered broker.
“Coinbase applied for Acceleration regarding its IPO. BEFORE the SEC APPROVED the Acceleration it had to make a specific determination that the listing was: IN THE PUBLIC’S INTEREST. 2 years later the SEC claims its in the public’s interest to PERMANENTLY shut down Coinbase”
XRP Lawyer Says SEC Has An Agenda
Just like he did not support Ripple Labs as a firm, Deaton made it clear that he has no intention of defending either Coinbase or Binance. But SEC’s action made him believe that the regulator was not acting in favor of the users of this platform.
As I said to the Judge in the Ripple case, I expect Ripple to look out for Ripple and not individual XRP Holders. The same applies to Coinbase and Binance. But the SEC is NOT acting in the best interests of retail crypto holders and that is for sure. The SEC has an agenda.
Similar to the Ripple litigation, where he represented XRP investors by filing an amici brief, the attorney asked users of the two trading platforms to fill out their information in the hopes of being given amicus status.
SEC had previously sued Ripple for selling XRP as registered securities and the case has headed to a crucial June 13 deadline where the plaintiff [SEC] is asked to provide unedited copies of every email Hinman sent or received.
Top analyst Daan Crypto recently claimed that given recent events, the XRP case has become more important than ever before. If Ripple prevails, one may anticipate huge price increases in virtually every altcoin that the SEC has classified as a security.
