John Deaton’s Support Helps Coinbase Win Lawsuit Against SEC

Key Points:

• Ripple advocate John Deaton supports Coinbase’s lawsuit against SEC.
• Deaton filed the first lawsuit against SEC in the crypto industry on behalf of XRP.
• More entities in the industry are standing up to the SEC and demanding better regulatory governance.

Ripple advocate and prominent crypto attorney John Deaton strongly support the recent lawsuit filed by American crypto exchange Coinbase Global Inc against the United States Securities and Exchange Commission (SEC).

This move is unprecedented as it is not common for a company to file a lawsuit against a regulator. However, Deaton is pleased that Coinbase followed his footsteps in filing the second Writ of Mandamus against the commission.

Deaton was the first person to file such a lawsuit in the history of the crypto ecosystem in the country, and it was on behalf of XRP. His Writ of Mandamus aimed to get the SEC to amend its complaints against Ripple by limiting the focus to XRP coins sold by the blockchain payments firm. This would ensure that the SEC could not indict even secondary sales of the digital currency. While Deaton was not fixated on the key details of his own lawsuit, he was more amused to see that more entities in the industry are standing up to the SEC and demanding better regulatory governance.

Drawing parallels with the Coinbase lawsuit, Deaton said the SEC cannot keep citing one case to back its claims based on the Howey Test that was formed more than seven decades ago. He further added that the SEC needs to realize that the crypto industry is constantly evolving, and therefore, its regulatory framework should also evolve to keep up with the changes. Deaton believes that it is time for the SEC to take a fresh approach towards regulating the crypto industry and work with industry participants to create a fair and balanced regulatory environment that encourages innovation while protecting investors.

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Annie

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