The latest development in the lawsuit between the SEC and the prominent crypto exchange Coinbase has witnessed support from users. Thus, nearly 5,000 clients have rushed to play the role of likely amicus curiae in the legal battle of the crypto exchange with the SEC. On 27 October, a pro-XRP lawyer John Deaton disclosed the respective news on X.
Coinbase’s 5,000 Clients Move Forward to Support It in the SEC Lawsuit
The respective consumers target to offer crucial information as well as viewpoints. They reportedly expect to influence this case and enhance the strength of Coinbase’s case. The term amicus curiae means “friend of the court” and plays a vital role in such legal proceedings. This permits the people external to the immediate litigation so that they can offer insight and expertise to the court.
Deaton is acquainted with this type of intervention. In addition to this, he has a strategy to submit a brief if the lawsuit moves forward to the District Court. The respective plan reflects post efforts, where he effectively represented up to 75,000 people holding XRP. He represented them in the legal battle between Ripple and the SEC.
Furthermore, he expedited other endeavours to back Ethereum holders against KuCoin and the New York Attorney General. The current struggle of Coinbase against the SEC has received support from several portions of the cryptocurrency sector. Supporters take into account a legal academic group, the impactful Chamber of Digital Commerce, and Senator Cynthia Lummis.
Court Permits Coinbase for a Verbal Argument
While the case sees significant progress, Judge Katherine Polk Failla has recently approved an oral argument. This signifies the upcoming crucial juncture. At this point, the crypto exchange Coinbase will defend the motion that it filed for judgment concerning the pleadings. The platform asserts that the SEC overreached its authority while categorizing its crypto assets as securities.
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