By George Ward
The world of cryptocurrency has always suffered from various regulatory scrutiny. Regulators struggle to keep up with this rapidly changing industry.
Recently, the U.S. Securities and Exchange Commission (SEC) has been cracking down on crypto exchanges, with Coinbase and Binance being their latest targets. However, famous crypto lawyer John Deaton is taking a strong stance against the topmost regulator.
Accordingly, he has invited users of these popular exchanges to stand with him against the SEC. He plans to file an amicus brief to let the judge know that the SEC is working against the best interest of crypto users.
Crypto Advocate Challenges SEC
John Deaton, a vocal figure in the crypto community, has urged customers of Coinbase and Binance to join him in opposing the US SEC’s enforcement actions against the crypto exchanges. Deaton has objected to the SEC’s assertion of working for the benefit of customers and crypto users.
Earlier today, Deaton tweeted about the questionable behavior of the SEC towards the lawsuits filed against the cryptocurrency exchanges. The attorney, specializing in crypto-related cases, mentioned that Coinbase requested the SEC to approve its 2021 initial public offering (IPO).
Upon review, the SEC approved the proposal as it was deemed beneficial to the public. Deaton also disagreed with the SEC’s argument that it sued the exchanges for the public’s benefit.
He believes that the SEC is pursuing its interests instead of prioritizing the well-being of individual traders.
Crypto Users Unite
Consequently, Deaton created a Google Form to allow those who wish to participate in court proceedings to fill out the form. Before filing an amicus brief, the crypto lawyer aims to establish a specific set of customers and crypto account holders using Coinbase and Binance’s services.
The Google Forms created by Deaton contain various questions, such as the duration of their usage of the crypto exchanges and their country of residence. Furthermore, Deaton has reassured his followers that their personal information will remain confidential unless subpoenaed in court.
The crypto attorney deployed a similar method when he submitted an amicus brief in the SEC v Ripple case, advocating for over 75,000 XRP holders. The objective of the brief, presented in November 2022, was to protect the interests of XRP holders and consumers rather than those of Ripple.
Ultimately, this move is essential in the fight against the SEC. The amicus will provide the judge with a complete understanding of the situation as the crypto world remains hopeful of a positive outcome amidst what the community perceives as “SEC excesses.”