Ripple’s John Deaton Rallies Thousands of Coinbase Customers in Battle Against SEC

Coinbase vs SEC Paul Grewals Blasts SEC Win in Secondary Sales Dispute

Coinbase vs. SEC could set a precedent for how cryptocurrencies are regulated in the US, impacting Ripple's case and the entire industry.
Coinbase argues the SEC's way of classifying crypto as securities is unclear.
An attorney seeks to represent thousands of Coinbase customers in the case, showing a united front against the SEC.

Sparks are flying in the crypto world! Following a bombshell interview with the SEC and Coinbase, a new player has entered the ring. Fox Business journalist and XRP holders’ attorney, John E. Deaton, surprised everyone with a strategic move.

What is his plan, and how will it impact the ongoing battle between the SEC and Coinbase? Read on to find out

Deaton Steps In

Attorney John E. Deaton has filed for permission to represent 4,701 Coinbase customers in the SEC vs. Coinbase case. This move marks a significant development in the ongoing legal saga that’s been gripping the cryptocurrency world.

Facing a setback against the SEC, Coinbase didn’t back down. Instead, it filed for an interlocutory appeal, challenging a crucial legal aspect in its clash with the regulatory body. The aim? To bring clarity to the murky waters of digital asset regulation.

The Howey Test Issue

At the heart of Coinbase’s appeal lies the application of the Howey test to digital asset transactions. The exchange argues that this has led to confusion, blurring the lines between securities and non-securities in the crypto space. By raising this argument, Coinbase hopes to unravel the regulatory knots surrounding cryptocurrencies.

Also Read: Coinbase vs SEC: What if Coinbase’s Interlocutory Appeal Request Is Denied?

Will This Impact Ripple vs SEC?

The outcome of the Coinbase-SEC battle extends beyond their immediate skirmish. Ripple, embroiled in its own legal tussle with the SEC, closely watches Coinbase’s moves. If Coinbase succeeds in challenging the SEC’s stance, Ripple could gain a crucial legal advantage. Conversely, a win for the SEC could bolster its case against Ripple, shaping the destiny of the entire crypto space.

What do you think – is crypto’s future at stake?