John Deaton Vouches to File Amicus Brief for Coinbase Customers

With the ongoing tussle of the Coinbase VS SEC case, John Deaton has vouched for filing an Amicus Brief for Coinbase customers who have been wronged in the case. Deaton, who is running the senate race against Elizabeth Warren, is garnering huge attention from the crypto community. Being a pro-XRP advocate, Deaton has a certain sense of being in favor of crypto voters, who are looking for a higher sense of crypto literacy among politicians.

John Deaton To Support Coinbase Customers

In an interview with Fox journalist Eleanor Terrett, John Deaton said that when it comes to the Coinbase VS SEC case, he would support and vouch for Coinbase customers, who he says are just people looking for a little exposure to an asset class.

Comparing the case to a political stance, Deaton called the opinion to be about Freedom and upward mobility.

Coinbase VS SEC: What is Happening?

The entire Coinbase VS SEC tussle has left a sour tooth among crypto enthusiasts. Just recently, regarding the decision made by a federal judge in the ongoing lawsuit, Coinbase CLO Paul Grewal has shared his opinions. He declared no significance to the default decision in the case. Grewal made his remarks in reaction to the most recent hearing in the case, which is about claims that Ishan Wahi, a former employee of Coinbase, and his colleagues engaged in insider trading.

The recent decision in the Coinbase v. SEC litigation has important ramifications for the regulatory environment surrounding cryptocurrencies. Even though the disputed cryptocurrency assets were traded on Coinbase, a secondary market, Judge Tana Lin’s ruling upheld the SEC’s jurisdiction over the case. This decision strengthens the SEC’s control over the cryptocurrency market and is consistent with SEC Chair Gary Gensler’s views on regulation.

Coinbase VS SEC Case Repercussions?

Since the beginning, there has been a legal dispute on categorizing cryptocurrencies, starting with Bitcoin (BTC) and Ethereum (ETH). Authorities have struggled to classify digital assets; in 2015, the Commodity Futures Trading Commission classified Bitcoin as a commodity. Some cryptocurrencies, nevertheless, are still unclearly regulated.

Because they were accused of selling unregistered securities, exchanges such as Coinbase have had to deal with legal uncertainties and potential enforcement actions from the SEC. The SEC’s efforts to increase its authority over the cryptocurrency market are evident in its pursuit of enforcement actions against cryptocurrency companies, including well-known lawsuits against Ripple and Binance. That regulatory environment is further complicated by the fact that federal judges have reached varying positions on the securities matter.