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XRP Lawyer Highlights Next Big Date in Coinbase Lawsuit

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Fri, 27/10/2023 - 15:00
XRP Lawyer Highlights Next Big Date in Coinbase Lawsuit
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The famous XRP holders' attorney, who is also the founder of CryptoLaw, John Deaton, points to the next big date in the Coinbase-SEC lawsuit.

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The SEC charged Coinbase in June of this year, alleging that the crypto exchange violated securities laws by acting as an unregistered securities exchange, broker and clearing agency. Coinbase was also charged with an unregistered securities offering and sales in conjunction with its staking-as-a-service scheme.

Coinbase responded in August by demanding that the court dismiss the Securities and Exchange Commission complaint against the company, claiming that the regulator was acting outside of its jurisdiction.

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For similar reasons, Coinbase stated that SEC charges that Coinbase's staking and wallet services violate securities laws should be disregarded.

In light of this, Deaton cites Jan. 17, 2024, as the next key date in the Coinbase litigation. The oral argument for Coinbase's motion to dismiss (MTD) will take place on this date.

The CryptoLaw founder emphasized the significance of this date, adding that oftentimes, judges will not schedule an oral argument on an MTD because this is frequently refused based on the papers alone. He went on to say that Coinbase MTD is rather different, and hence, the judge is giving it the attention it deserves.

In light of the court's hearing agenda for the remainder of this year, the parties in the Coinbase-SEC lawsuit are to appear for oral arguments on Jan. 17, 2024, according to a court document.

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Furthermore, the parties are directed to meet and consult with each other, as well as with any amici curiae who seek to be heard, to provide a schedule for oral arguments, including duration and time allocation for each side. On or by Nov. 17, 2023, the parties are expected to produce a joint submission detailing the proposed schedule.

In this regard, Deaton stated that 5,000 Coinbase customers have joined to participate as potential amici curiae if the case were to continue, either in District Court or on appeal. Although not involved in the case at this point, Deaton says he plans to attend the oral arguments on behalf of individual customers. 

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