Legal
John Deaton has invited customers of Coinbase and Binance to take a stand against the U.S. Securities and Exchange Commission (SEC) in response to the enforcement actions initiated by the regulator against the crypto exchanges. Deaton has taken particular issue with the SEC’s claim of operating in the interest of customers and crypto users.
NOTICE:
As everyone is aware, @GaryGensler and the @SECGov sued @coinbase and @binance @BinanceUS. Just like the @Ripple case, the SEC claims that it filed the lawsuits on behalf of digital asset investors, users and holders. The SEC claims it is protecting us.
— John E Deaton (@JohnEDeaton1) June 9, 2023
Deaton took to Twitter earlier today to highlight the SEC’s questionable conduct concerning the lawsuits filed against the crypto exchanges. The crypto lawyer cited Coinbase’s application for acceleration regarding its initial public offering (IPO) in 2021. The SEC approved the application after determining that it was in the public’s interest.
However, earlier this week the regulator sued Coinbase, claiming that it would be in the public’s interest to shut down the crypto exchange. John Deaton stated that he didn’t agree with the SEC’s claim that it sued the exchanges in the public’s interest. According to him, the SEC is acting on its own agenda rather than in the best interest of retail traders.
To that end, John Deaton has released a Google Form for those interested in participating in the court proceedings in order to make their voices heard. Deaton plans to establish a putative class of customers and crypto account holders who engaged with Coinbase and Binance to file an amicus brief.
The forms released by Deaton ask respondents questions including when they started using the crypto exchanges in question, and their country of residence, among others. Deaton assured his followers that the personal details would be kept confidential unless subpoenaed in court.
The process would be similar to when the crypto lawyer filed an amicus brief in SEC v Ripple, where he represented more than 75,000 XRP holders. The brief, which was filed in November last year, was to support XRP holders and customers rather than Ripple itself.
