Pro-XRP lawyer John Deaton, representing over 5,000 Coinbase customers, applauds as the leading crypto exchange Coinbase gears up to challenge the SEC in a federal courtroom. Notably, the high-stakes legal face-off revolves around allegations of trading unregistered securities, potentially reshaping the crypto industry’s dynamic with regulatory authorities.

Meanwhile, with Coinbase aiming to dismiss the SEC’s lawsuit, the courtroom drama unfolds, promising a pivotal moment in crypto regulation that could shape future interactions between exchanges and regulatory bodies.

John Deaton To Represent Coinbase Customers In Legal Battle

Pro-XRP lawyer John Deaton has expressed admiration for Coinbase’s legal team on the X platform as they gear up for a crucial face-off with the U.S. Securities and Exchange Commission (SEC). John Deaton, known for his involvement in the Ripple lawsuit, acknowledged the preparation required for such a showdown, admitting a touch of jealousy towards Coinbase’s legal representatives.

In a recent X post, XRP lawyer John Deaton conveyed optimism about the impending lawsuit. While expressing a touch of jealousy towards the lawyers handling the case of Paul Grewal and Brian Armstrong, Deaton acknowledged the substantial preparation required for the motion to dismiss, recognizing the significant efforts invested in readiness for the legal proceedings.

Meanwhile, John Deaton stated:

“I’m not too proud to admit that I am super jealous of Paul Grewal & Brian Armstrong’s lawyer – the one on his/her feet arguing this MTD, although I am fully aware of the amount of preparation it has taken to be ready,”.

However, despite the envy, Deaton predicts that Coinbase’s legal team will deliver an outstanding performance.

Also Read: Ethereum Price Dominance Over Bitcoin Grows, Exchange Supply At All-Time Low

Coinbase Vs. SEC Showdown, What To Expect?

Coinbase, the publicly traded crypto exchange, faces a critical moment in its legal battle against the SEC. Notably, the oral arguments on Coinbase’s motion to dismiss the SEC’s lawsuit are scheduled to commence in Manhattan, with legal experts and crypto enthusiasts anticipating a favorable outcome for the exchange.

For context, the SEC sued Coinbase in June 2023, alleging that the platform operated as an unregistered broker, exchange, and clearing agency. In response, Coinbase argued against the SEC’s overreach, asserting that the listed tokens, including SOL, ADA, MATIC, and others, do not qualify as securities.

Meanwhile, the exchange highlighted the SEC’s previous approval for its direct listing in 2021 as an endorsement of its business operations. Notably, the hearing offers an opportunity for both sides to present their case to Judge Katherine Polk Failla, with potential outcomes ranging from dismissal to a jury trial or summary judgment.

On the other hand, Judge Failla, known for her previous involvement in crypto cases, could play a pivotal role in shaping the industry’s regulatory landscape. As Coinbase seeks a dismissal, the repercussions of this legal battle extend beyond the specific case, influencing how crypto transactions are perceived and regulated in the secondary market. The outcome may well find its way to the appeals courts, adding another layer of complexity to the ongoing dialogue between crypto entities and regulatory bodies.

Also Read: Bitcoin Remains Flat As Pepe Coin, Chiliz Soar In Crypto Market

The post XRP Lawyer John Deaton To Attend Coinbase & SEC’s Face-Off appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am