Key Insights:
- John Deaton urges Binance and Coinbase consumers to oppose SEC crypto regulations.
- SEC lawsuits against bitcoin exchanges raise user interest concerns.
- Lawyer John Deaton disputes SEC claims that crypto rules safeguard the public.
Deaton has expressed grave concern regarding the SEC's assertion that it serves the best interests of crypto customers and users.
The SEC's Cryptocurrency Litigation Raise Concerns
Earlier today, Deaton voiced his concerns on Twitter regarding the dubious actions of the SEC in the legal conflicts involving cryptocurrency exchanges. The attorney shed light on the situation by mentioning Coinbase's IPO application for 2021, attracting widespread interest. The SEC ultimately granted Coinbase's request for acceleration, deeming it to be in the public's best interest.
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In a recent turn of events, however, the regulator filed a lawsuit against Coinbase earlier this week, alleging that the cryptocurrency exchange's closure would be in the public interest. John Deaton disagreed with the Securities and Exchange Commission's (SEC) assertion that they were acting in the public interest. According to him, the SEC is pursuing its agenda and placing its goals ahead of the welfare of retail merchants.
John Deaton has created a Google Form that allows individuals who desire to participate in the legal proceedings to convey their opinions and concerns openly. Deaton intends to establish a prospective group of Coinbase and Binance customers and crypto account holders in order to submit an amicus brief.
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Participant Perspectives: The Crypto Investigation of Deaton
Deaton's released forms contain a series of questions designed to collect information from participants, including the date of their engagement with the under investigation crypto exchanges and their country of domicile, among other aspects. Deaton assured his supporters that their personal information would remain confidential unless specifically requested by a court.
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In the SEC v. Ripple case, a crypto counsel submitted an amicus brief on behalf of more than 75,000 XRP holders. In November of the previous year, this legal action sought to protect the rights of XRP holders and consumers, as opposed to focusing solely on Ripple as a company.
