XRP Lawyer Predicts 40% Chance of Motion to Dismiss Success
At the iConnections Global Alts conference, XRP supporter and lawyer John Deaton weighed in on the likelihood of Coinbase prevailing in its lawsuit against the SEC.
Motion to Dismiss
In June 2023, the SEC filed a lawsuit against Coinbase, alleging that it operated as an unregistered securities exchange, broker, and clearing agency. Coinbase responded by filing a motion to dismiss the suit.
Deaton believes Coinbase has a significant chance of winning the motion to dismiss, estimating their chances at 40%. This is considered high for such motions, which typically have a low success rate.
Potential Trial Outcome
Deaton also predicts that Coinbase will ultimately win the case, even if it goes to trial. He believes the current makeup of the Supreme Court favors Coinbase’s position.
Public Interest in Crypto
Deaton emphasizes the growing interest in cryptocurrencies among the general public, with one out of four adults in the US owning crypto. He sees the lawsuit as a power struggle, with the outcome potentially shaping the future of crypto regulation.
Earlier this month, hedge fund veteran Anthony Scaramucci also expressed optimism about Coinbase’s chances of winning the lawsuit, predicting a victory at the Supreme Court.
The article emphasizes that opinions expressed are not investment advice and that investors should conduct their own research before making any high-risk investments.