Amicus Brief Filed by Pro-Ripple Attorney in Support of Coinbase Against SEC Lawsuit

Crypto lawyer John Deaton files an amicus brief backing Coinbase in the SEC's lawsuit against the exchange, arguing that the case infringes on the rights of Coinbase's 4,701 impacted customers. Deaton, who recently announced his Senate campaign, aims to defend the interests of everyday crypto investors who may be disproportionately affected by the lawsuit.

Pro-Ripple Attorney Files Amicus Brief in Support of Coinbase in SEC Lawsuit

John Deaton, a prominent pro-Ripple attorney and candidate for the U.S. Senate, has submitted an amicus brief to the court in support of Coinbase, the leading U.S.-based cryptocurrency exchange. The move is a significant development in the ongoing legal battle between Coinbase and the Securities and Exchange Commission (SEC).

According to court documents obtained by Fox Business journalist Eleanor Terrett, Deaton has filed a motion for leave to appear as amicus curiae on behalf of 4,701 Coinbase customers impacted by the SEC's lawsuit. An amicus brief allows individuals or entities not directly involved in a case to provide the court with assistance by offering expertise, insights, or information relevant to the proceedings.

The lawsuit, filed by the SEC in 2023, alleges that Coinbase violated multiple securities laws, including the sale of unregistered securities. Coinbase has vehemently denied these allegations, arguing that its products are not securities.

Deaton's decision to file an amicus brief underscores his long-standing support for the cryptocurrency industry. He has been a vocal advocate for Ripple and its XRP token, which the SEC has also accused of being an unregistered security.

In an interview with Terrett, Deaton expressed his determination to defend the interests of Coinbase customers and the broader cryptocurrency community:

"I will fight for that person that has $2,000 or $500 or $5,000 in savings in Bitcoin or whatever until the day I die. This isn't about crypto, this is about freedom, this is about upward mobility, this is about people who want a fighting chance, people who are looking to build a little wealth. They're not looking to get rich, they're not 'crypto bros,' they're just regular people [who want] a little exposure to this alternative asset class."

Deaton's Senate campaign, endorsed by the Winklevoss twins, Skybridge Capital CEO Anthony Scaramucci, and Ripple executives, has been centered on his support for the cryptocurrency industry and his opposition to incumbent Senator Elizabeth Warren, who has taken a skeptical stance on cryptocurrencies.

The filing of Deaton's amicus brief is expected to provide the court with valuable insights into the perspectives of Coinbase customers and the potential impact of the SEC's actions on the cryptocurrency industry. The case is closely watched by the crypto community, as its outcome could have far-reaching implications for the regulation of cryptocurrencies in the United States.