SEC v. Coinbase: 2,300 Crypto Holders Sign up as Amici Curiae

Key Points:

• CryptoLaw founder John Deaton reports 2,331 customers have joined case against Coinbase.
• Deaton says it’s about speaking up for ourselves and not letting the SEC or Coinbase speak for us.
• Coinbase stated SEC lacks authority to pursue civil claims because crypto assets traded on its platform are not “investment contracts” and thus not securities.

John Deaton is a Coinbase (XRP) holders’ attorney and filed an amicus brief on behalf of 75,000 XRP holders in the Ripple-SEC lawsuit.

Recently, he shared an update on the XRP v. SEC lawsuit. According to Deaton, a total of 2,331 customers have joined to potentially be heard as amici curiae in SEC v. Coinbase. This move is significant because it allows users to speak up for themselves and not let the SEC or XRP speak for them.

Deaton’s involvement in the lawsuit dates back to June when the SEC initiated its lawsuit against XRP. At that time, Deaton expressed his interest in participating in the lawsuit, stating, “Some of us just don’t want the SEC gaslighting the Court that it’s protecting us.” To establish a putative class of customers and crypto account holders who use the Binance and Coinbase platforms, Deaton made available an online form. He noted that if there is enough interest, a request to participate might be made, and amicus status could be granted to ensure users’ voices are heard.

Coinbase filed its answer and notice of intent to file a motion to dismiss the SEC’s complaint against it. Coinbase argues that the SEC lacks authority to pursue civil claims because crypto assets traded on its platform are not “investment contracts” and, thus, not securities. However, the Securities and Exchange Commission (SEC) will respond to Coinbase’s initial legal defense on July 13, according to a recent court ruling.

The hearing date has been moved up due to a defense tactic used by Coinbase, in which the exchange filed its initial answer 40 days before the deadline of Aug. 7. Additionally, the court changed the pretrial conference to a premotion conference and moved it from Aug. 24 to July 13 at 2:00 p.m. UT. It will be interesting to see how this lawsuit unfolds and what impact it will have on the cryptocurrency industry as a whole.

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Annie

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