John Deaton, a lawyer known for his support of XRP, has filed an amicus brief on behalf of 4,701 Coinbase customers in the SEC’s lawsuit against the crypto exchange.
What is an Amicus Brief?
An amicus brief is a document filed by someone who is not directly involved in a case but wants to provide the court with additional information or expertise.
Deaton’s Motivation
Deaton, who is also running for the U.S. Senate, has stated that he is fighting for individuals who have invested small amounts in cryptocurrencies. He believes that the SEC’s lawsuit is not about crypto but about freedom and upward mobility.
SEC’s Allegations
The SEC alleges that Coinbase violated securities laws by selling unregistered securities. The lawsuit was filed in 2023.
Deaton’s Supporters
Deaton’s Senate campaign is backed by the Winklevoss twins, Skybridge Capital CEO Anthony Scaramucci, and Ripple executives.
