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XRP Holders' Attorney Addresses US Chamber's Involvement in SEC v. Coinbase Case

Fri, 05/12/2023 - 11:14
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Gamza Khanzadaev
Powerful third party gets involved in SEC v. Coinbase case, here's what attorney John Deaton thinks about it
XRP Holders' Attorney Addresses US Chamber's Involvement in SEC v. Coinbase Case
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Prominent and influential business organization the U.S. Chamber of Commerce has submitted a document in the Coinbase v. SEC case. The document alleges that the SEC has acted unlawfully with the digital asset industry and that this is causing regulatory uncertainty, which is impeding innovation. The chamber contends that the SEC is destabilizing the regulatory environment for digital assets and infringing on constitutional due process and fair notice rights. The Chamber of Commerce asserts that the SEC's actions are not only detrimental policy but also illegal, and the outcomes of the SEC's continued delay are significant for that purpose as well.

The report was greeted with an endorsement from John Deaton, a legal practitioner and representative of XRP investors in a class action lawsuit against the SEC. He tweeted that XRP holders were the first to denounce the SEC's gross overreach, but it is plain that they are not the last. He also added that, even when the government's gross overreach is directed toward a project one dislikes, one must stand up against it.

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The chamber's submission may have a profound impact on the regulatory environment for digital assets since it demonstrates support for the crypto industry from one of the most significant and influential business organizations in the United States. It could also lend more credibility to the assertions of crypto proponents against the SEC's regulatory overreach.

The case between Coinbase and the SEC has been closely monitored by the sector, and the chamber's submission introduces a new component to the conversation. As the industry continues to expand, regulators will need to discover a balance between safeguarding consumers and promoting innovation.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.