Pro-XRP Lawyer John Deaton to Defend Coinbase Customers in SEC Legal Battle, Campaigns for Senate Seat
Summary:
Lawyer John Deaton, known for his pro-XRP stance, has sought to represent 4,701 Coinbase customers in the crypto exchange's lawsuit against the U.S. SEC. He aims to safeguard ordinary people striving for financial growth, emphasizing that this advocacy isn't about cryptocurrency but freedom and upward mobility. This follows Coinbase's interlocutory appeal in its dispute against the SEC. Deaton is also campaigning for a Senator position, recently raising more funds than incumbent Senator Elizabeth Warren for his campaign.
John Deaton, a lawyer heralding the cause of XRP, has kept his promise to take sides with Coinbase's clients. He is raising his voice in court in the ongoing legal tussle between Coinbase and the US Securities and Exchange Commission (SEC). On April 19, Deaton submitted an application to the United States District Court for Southern District of New York to serve as amicus counsel on behalf of 4,701 Coinbase customers involved in the lawsuit initiated in June 2023. The plea stated that Deaton is legitimately authorized to practice in this court and appears as counsel for the mentioned Coinbase customers.
In his recent interaction in a podcast with Eleanor Terrett from Fox Business, Deaton portrayed his act of standing with the Coinbase clients as a step towards safeguarding ordinary people striving to accumulate a little wealth of their own. Stingingly, he stated that this matter isn't about cryptocurrency but about freedom and upward mobility. He underlined that these people are not pursuing opulence or are "crypto bros". They just seek a fair chance in their quest to amass some wealth.
This advocacy by Deaton comes on the heels of Coinbase's interlocutory appeal in its dispute against the SEC, which took place shortly after the court dismissed the motion to eliminate the entire lawsuit. The core issue contested in the appeal was whether an investment contract beholds "something contractual."
Lately, Deaton has been consistently active, filing numerous amicus counsel petitions in favor of the crypto community. Noteworthy among these petitions was his appearance as a friend of the court in 2021, representing over 6,000 XRP holders in a legal dispute between the SEC and Ripple Labs.
Presently, Deaton is campaigning diligently to attain a Senator position and replace the crypto skeptic Senator Elizabeth Warren. On April 15, reports confirmed that Deaton managed to raise more funds than Senator Warren during the first quarter of this year for his numerical campaign—amassing $1.36 million compared to Warren’s $1.09 million. Only a month prior, Deaton announced his investment of $500,000 from his personal wealth in his Senate campaign, concurrently appealing to his followers to help gather an additional $500,000.
Published At
4/20/2024 9:30:17 AM
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