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XRP Holders' Lawyer Wants to Represent Coinbase and Binance Customers: Details

Fri, 06/09/2023 - 07:45
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Godfrey Benjamin
Attorney John Deaton is willing to file amicus brief on behalf of Coinbase and Binance customers
XRP Holders' Lawyer Wants to Represent Coinbase and Binance Customers: Details
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Reality has set in, with both Binance and Coinbase exchanges set to defend themselves against the charges brought by United States Securities and Exchange Commission (SEC) in court. In light of this, XRP holders' lawyer John Deaton is making a move that will also see him represent the users of these two exchanges by filing an amicus brief on their behalf.

Deaton's position

Taking with his favorite communication channel, Twitter, Deaton shared insights into his role in the ongoing Ripple v. SEC lawsuit and what similarities the case shares with the charges brought against the duo of Binance and Coinbase. He noted that while he did not support Ripple Labs as a company, he will also not be supporting or working against Binance and Coinbase.

He pointed out that the fact that the SEC cleared Coinbase for its IPO more than two years ago and is backtracking on its support now is evidence that the market regulator is not acting in favor of the users of this platform.

Attorney Deaton said he also does not expect the two exchanges to defend their customers directly but to focus on their own products.

"As I said to the Judge in the Ripple case, I expect Ripple to look out for Ripple and not individual #XRPHolders. The same applies to Coinbase and Binance. But the SEC is NOT acting in the best interests of retail crypto holders and that is for sure. The SEC has an agenda," he said in his Twitter thread.

XRP Can't Be Security: Top Lawyer Explains Why

Next moves

Although the case has not progressed to the court stage, there is a likelihood that it will in the near future. Taking a proactive step, Deaton published a form to collect the details of Coinbase and Binance's users interested in being represented. According to him, the details will be kept anonymous and will not be shared with anyone unless requested by the courts. 

Over the past two years, John Deaton has made a name for himself as a major party in the Ripple case with his analysis and representation of over 75,000 XRP holders.

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About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on, Cryptonews and Coingape, among others.