John Deaton: Advocate for Crypto Users
In a recent development, John Deaton, the lawyer renowned for representing XRP holders, has made an intriguing move. Amid the impending legal battles of Binance and Coinbase with the United States Securities and Exchange Commission (SEC), Deaton is gearing up to represent these two exchanges’ users by planning to file an amicus brief.
Using Twitter as his communication platform, Deaton revealed his position on the unfolding Ripple v. SEC lawsuit and its parallels with the charges against Binance and Coinbase. Despite not being an advocate for Ripple Labs as a company, he assured he will neither support nor work against Binance and Coinbase.
He highlighted the incongruity in the SEC’s actions, which first greenlit Coinbase’s IPO more than two years ago and now seems to be reneging on its initial support. He believes this shows the SEC is not acting in the best interests of the platform’s users.
Deaton further stated that he doesn’t expect either of the two exchanges to defend their customers directly, but rather focus on their own products. He pointed out the SEC’s lack of attention towards the best interests of retail crypto holders. He shared, “The SEC has an agenda,” highlighting his skepticism about the regulator’s actions.
Plan of Action Amid Legal Challenges
While the case against Coinbase and Binance has not yet reached the court stage, there’s a probability it will shortly. Anticipating this, Deaton has already begun collecting details from interested Coinbase and Binance users who wish to be represented. He assured that all information gathered would remain anonymous and would not be shared with anyone unless court-mandated.
Over the last couple of years, Deaton has earned recognition for his involvement in the Ripple case. His analysis and representation of over 75,000 XRP holders showcase his dedication to representing crypto users’ interests. With this move, he seeks to bring that same dedication to the users of Binance and Coinbase.
