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Binance and Coinbase Prepare for Legal Battle with SEC

Explore the ongoing legal challenges faced by Binance and Coinbase as they prepare to defend themselves against the SEC with insights from lawyer John Deaton.
Published on 2023-06-09

Legal Challenges for Binance and Coinbase

Binance and Coinbase, two leading cryptocurrency exchanges, are gearing up to defend themselves in court against the United States Securities and Exchange Commission (SEC). The SEC's actions have brought significant scrutiny, impacting the broader crypto landscape.

John Deaton's Involvement

Attorney John Deaton, known for his role in the Ripple v. SEC lawsuit, is stepping into the fray. Although not supporting Ripple Labs directly, Deaton plans to file an amicus brief for users of Binance and Coinbase. His focus is on representing retail crypto holders, highlighting concerns over the SEC's inconsistent approach, especially after previously approving Coinbase's IPO.

SEC's Controversial Stance

Deaton criticizes the SEC for not prioritizing the interests of retail investors. He argues that the regulator's actions reveal an agenda that does not align with protecting crypto users. This sentiment echoes his stance in the Ripple case, where he emphasized companies' focus on self-preservation over individual investors.

Proactive Measures

In anticipation of legal proceedings, Deaton is collecting information from users of both exchanges who wish to be represented. He assures confidentiality, with details only shared if required by the courts. Deaton has built a reputation for defending over 75,000 XRP holders, showcasing his commitment to crypto investors' rights.

As the case progresses, the outcomes could shape the future regulatory landscape for cryptocurrency exchanges in the United States.

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