Crypto Market News: What started as a check of interest is likely building up into potentially an Amicus Curiae status granted to Coinbase users in the U.S. Securities and Exchange Commission (SEC) lawsuit. John Deaton, the lawyer representing over 76,000 XRP token holders in the SEC lawsuit, had last week asked if Coinbase and Binance users could unite into a group to fight for themselves. This could go on to be very important development in the history of crypto market as the two lawsuits against the crypto exchanges could drag on for a long period. Coinbase and Binance have recently been involved in separate SEC lawsuits over alleged violation of the securities laws.
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In the Ripple Vs SEC lawsuit, as many as 16 companies filed an amicus curiae. The XRP community is awaiting the all important Summary Judgement from Judge Analisa Torres.
Coinbase Lawsuit Amicus Curiae: More Users To Join?
The main agenda behind attempting to gain amicus status is to help make user voices heard while the crypto exchange is defending itself in the lawsuit. Since asking for user details for amicus curiae on June 9, Deaton managed to unite around 1,500 users so far in the Coinbase lawsuit. The attorney reiterated,
“This isn’t about helping Coinbase. It’s about speaking up if you believe these regulators aren’t protecting you or you don’t want their type of protection.”
Earlier, the Alabama Securities and Exchange Commission (ASC) and authorities of ten other US States charged Coinbase for alleged violation of securities laws. The charges also included alleged operation of staking programs in these states without authoization. Hence, the views of Coinbase users from these states could also be helpful.
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