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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.
Coinbase applied for Acceleration regarding its IPO. BEFORE the SEC APPROVED the Acceleration it had to make a specific determination that the listing was:
— John E Deaton (@JohnEDeaton1) June 9, 2023
IN THE PUBLIC’S INTEREST 👇
2 years later the SEC claims its in the public’s interest to PERMANENTLY shut down Coinbase. https://t.co/IIO15rkdYn
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.
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.
Denys Serhiichuk
Yuri Molchan
Tomiwabold Olajide
