Pro-Crypto Advocate John Deaton Backs Coinbase in Legal Battle Against SEC

Pro-Crypto Advocate John Deaton Backs Coinbase in Legal Battle Against SEC

In a significant development within the ongoing legal clash between Coinbase and the U.S. Securities and Exchange Commission (SEC), prominent pro-crypto lawyer John Deaton has stepped forward to support Coinbase’s appeal by filing an amicus brief.

Reported by Fox News correspondent Eleanor Terrett, Deaton’s amicus brief, scheduled for submission on April 26, underscores the pressing need for regulatory clarity surrounding digital assets. Deaton highlights the SEC’s inconsistent regulatory approach, citing high-profile court cases involving Ripple, LBRY, and Telegram, alongside previous statements from the SEC and concerns expressed by regulators and legislators.

Deaton specifically criticizes the SEC’s lack of consistency, including its shifting stance on whether various crypto tokens should be classified as securities. He dismisses the notion that Bitcoin should be treated differently from other cryptocurrencies solely based on the absence of an ecosystem, branding such arguments as “just plain dumb.”

As a vocal advocate for the crypto industry, Deaton has a history of involvement in legal battles concerning digital assets, including his petition challenging the SEC’s lawsuit against Ripple in 2021. Earlier this year, Deaton announced his candidacy for the U.S. Senate and has been vocal in criticizing SEC Chairman Gary Gensler’s handling of crypto regulation.

Coinbase’s appeal, filed in two courts in April, seeks to challenge a crucial aspect of its ongoing dispute with the SEC. The exchange questions whether digital asset transactions that do not entail obligations to the original issuer should fall under SEC regulation as investment contracts. This move underscores Coinbase’s commitment to clarity and fair treatment within the evolving regulatory landscape surrounding cryptocurrencies.

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