By Curtis Dye
Key Insights:
- John Deaton calls on Binance and Coinbase customers to unite against the SEC’s regulatory actions in crypto.
- Concerns rise as SEC’s legal battles with cryptocurrency exchanges spark worries about user interests.
- Lawyer John Deaton challenges SEC’s claim of protecting the public in the face of crypto regulations.
John Deaton has invited customers of Binance and Coinbase, urging them to unite and oppose the U.S. Securities and Exchange Commission (SEC) in light of the regulatory actions taken against these cryptocurrency exchanges. Deaton has expressed significant concern regarding the SEC’s assertion of working in the best interests of customers and users in the crypto sphere.
SEC’s Cryptocurrency Legal Battles Spark Concerns
Earlier today, Deaton expressed his concerns on Twitter about the questionable actions of the SEC regarding the legal battles involving cryptocurrency exchanges. The lawyer illuminated the matter by highlighting Coinbase’s IPO application in 2021, capturing widespread attention. Ultimately, the SEC approved Coinbase’s request for acceleration, deeming it beneficial for the general public.
However, in a recent turn of events, the regulator filed a lawsuit against Coinbase earlier this week, alleging that the closure of the cryptocurrency exchange would serve the public’s welfare. Disagreeing with the Securities and Exchange Commission’s (SEC) assertion, John Deaton disagreed with their claim of acting in the public’s interest. According to him, the SEC is pursuing its agenda, prioritizing its objectives over the well-being of retail traders.
In pursuit of this objective, John Deaton has introduced a Google Form that allows individuals who wish to be part of the legal proceedings to express their opinions and concerns openly. Deaton intends to form a potential group comprising customers and crypto account holders who interacted with Coinbase and Binance to submit an amicus brief.
Participant Perspectives: Deaton’s Crypto Investigation
Deaton’s released forms contain a set of inquiries aimed at gathering information from participants, such as the initiation date of their engagement with the crypto exchanges under investigation and their nation of residence, among additional aspects. Deaton offered reassurances to his supporters, ensuring them that their personal information would remain confidential unless specifically requested by a court order.
In the SEC v Ripple case, a crypto attorney took a similar approach by submitting an amicus brief on behalf of over 75,000 XRP holders. In November of the previous year, this legal action aimed to advocate for the rights of XRP holders and customers rather than solely focusing on Ripple as an entity.
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