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John Deaton, a staunch advocate for cryptocurrency rights, has intervened in the ongoing legal dispute between Coinbase and the United States Securities and Exchange Commission (SEC). Deaton, known for his support of XRP, has requested to act as a friend of the court on behalf of 4,701 Coinbase customers, according to a filing made on Apr. 19 in the United States District Court for the Southern District of New York.
John Deaton to Represent Coinbase Customers
The legal battle, which began in June 2023, saw a new development as Deaton proposed to serve as amicus counsel, aiming to represent the interests of thousands of Coinbase users. His filing asserts his authorization to practice in the court, underscoring his commitment to these customers.
In October, before launching his Senate campaign, @JohnEDeaton1 said he would file an amicus brief on behalf of 5,000 individual @coinbase customers if the @SECGov case proceeded to District Court or appeal. Now it has, I asked if he still plans to help. Full interview to come. pic.twitter.com/BVJI9XcFHL — Eleanor Terrett (@EleanorTerrett) April 17, 2024
In a recent interview with Eleanor Terrett on Fox Business, Deaton elaborated on his motivations for supporting the Coinbase customers. He expressed his dedication to protecting individuals who are looking to modestly increase their wealth through cryptocurrency, emphasizing that his involvement is more about defending freedom and the possibility of upward mobility than about cryptocurrencies per se.
“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 want to build a little wealth. They are not looking to get rich, they’re not crypto bros,” Deaton explained during the podcast.
This legal support comes shortly after Coinbase escalated its fight with the SEC by filing an interlocutory appeal following the court’s decision to deny its motion to dismiss the lawsuit. The appeal focuses on whether an investment contract necessitates a contractual basis, as highlighted by Coinbase’s chief legal officer, Paul Grewal.
Legal and Political Aspirations
Deaton’s legal advocacy extends beyond Coinbase. He has been actively involved in similar endeavors, such as his role as amicus counsel in the LBRY v SEC lawsuit in September 2023 and his filing of an amicus brief on behalf of over 6,000 XRP holders in 2021 during the SEC’s lawsuit against Ripple Labs.
First, it was schoolyard bullies, then it was greedy corporations and the SEC, and now I am taking on the Washington elites. https://t.co/XxW0M7kkw9 pic.twitter.com/adJVbz4tyn — John E Deaton (@JohnEDeaton1) February 20, 2024
Aside from his legal activities, Deaton is also venturing into politics, with recent reports revealing that he has outraised Senator Elizabeth Warren in the first quarter of this year in his bid for her Senate seat. Deaton has personally invested $500,000 into his campaign and has called upon his supporters to help raise an additional $500,000.
As this legal saga unfolds, the cryptocurrency community watches closely, recognizing Deaton’s continued efforts as pivotal in the broader fight for cryptocurrency rights and individual financial empowerment.
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