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SEC v. Coinbase: 2,300 Crypto Holders Sign up as Amici Curiae

Tue, 07/04/2023 - 10:07
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Tomiwabold Olajide
Coinbase recently filed motion to dismiss SEC's complaint
SEC v. Coinbase: 2,300 Crypto Holders Sign up as Amici Curiae
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CryptoLaw founder John Deaton, who also serves as an XRP holders' attorney and filed an amicus brief on behalf of 75,000 XRP holders in the Ripple-SEC lawsuit, has shared important progress in the Coinbase v. SEC lawsuit.

Deaton stated in a recent tweet that 2,331 customers have joined to potentially be heard as amici curiae in SEC v. Coinbase. He explains why the move is significant: "It's about speaking up for ourselves and not letting the SEC or Coinbase speak for us," he says.

In June, shortly after the SEC initiated its lawsuit against Coinbase, Deaton indicated an interest in participating in the lawsuit, stating, "Some of us just don't want the SEC gaslighting the Court that it's protecting us."

Deaton made available an online form, which he says is to establish a putative class of customers and crypto account holders who use the Binance and Coinbase platforms. He noted that if there is interest, then a request to participate might be made and possibly! granted amicus status to make sure users' voices are heard.

In the past week, Coinbase filed its answer and notice of intent to file a motion to dismiss the SEC's complaint against it.

Coinbase Fires Back at SEC: Details

In its response, Coinbase stated that the SEC lacks authority to pursue civil claims because crypto assets traded on its platform are not "investment contracts" and, thus, not securities.

According to a recent court ruling, the Securities and Exchange Commission (SEC) will respond to Coinbase's initial legal defense on July 13. The hearing date has been moved up due to a defense tactic used by Coinbase, in which the exchange filed its initial answer 40 days before the deadline of Aug. 7.

In addition, the court changed the pretrial conference to a premotion conference and moved it from Aug. 24 to July 13 at 2:00 p.m. UT.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.