As an experienced analyst with a background in both law and cryptocurrency, I strongly support John Deaton’s decision to file an amicus brief in support of Coinbase’s motion for interlocutory appeal. Deaton’s extensive experience in cryptocurrency-related lawsuits and his deep understanding of the regulatory landscape make him a valuable voice in this ongoing debate.
As a crypto investor, I’m excited to share that pro-crypto lawyer John Deaton has announced his intention to file an amicus brief on behalf of Coinbase in their motion for an interlocutory appeal. This means that John will be submitting a friend-of-the-court brief to provide additional legal perspectives and arguments to support Coinbase’s case. Stay tuned for updates on this significant development!
According to Fox News reporter Eleanor Terrett, Deaton will file an amicus brief today, April 26.
Massachusetts Senate candidate John E. Deaton, also known as @DeatonforSenate and @JohnEDeaton1 on social media, is once again donning his hat as a crypto law expert. Later today, he will submit an amicus brief in backing of Coinbase’s application for an interlocutory appeal.
— Eleanor Terrett (@EleanorTerrett) April 26, 2024
In the critique, Deaton underscores the importance of having clear laws governing digital assets, bringing attention to the unpredictable regulatory stance of the US Securities and Exchange Commission (SEC) and the negative consequences this uncertainty has on market players.
The lawyer refers to several court rulings, including those in the Ripple, LBRY, and Telegram cases, along with past SEC statements on cryptocurrency and communications from regulatory bodies and lawmakers voicing apprehension over the regulatory agency’s moves. (Terrett added.)
Deaton pointed out the inconsistency of the SEC’s position regarding crypto tokens, specifically their fluctuating viewpoint on whether these tokens qualify as securities or not.
As a seasoned crypto investor, I can’t help but point out the flaw in the argument that Bitcoin is not a security simply because it doesn’t have an ecosystem like other tokens. This perspective is oversimplified and misguided. The fact that Bitcoin operates independently of any specific platform or project does not exempt it from securities regulations. The distinction between Bitcoin and other cryptocurrencies lies in its decentralized nature, but this characteristic does not negate the potential for it to be considered a security based on other factors, such as its function within the market and how it interacts with investors.
John Deaton, pro-crypto lawyer and Massachusetts Senate candidate
I, as an analyst, have observed Deaton’s involvement in legal disputes concerning cryptocurrency, specifically filing a petition against the SEC’s lawsuit towards Ripple in 2021, which he considered to be a security matter. Additionally, earlier this year, I announced my candidacy for the U.S. Senate and publicly criticized Chairman Gensler of the SEC for his management of the crypto industry.
In April, Coinbase filed appeals in two courts to contest certain aspects of its ongoing legal dispute with the Securities and Exchange Commission (SEC). The cryptocurrency exchange is seeking the intervention of higher courts to reconsider if a digital asset transaction that does not involve any responsibilities towards the initial issuer of the asset can be classified as an investment contract. If so, then this type of transaction would fall under SEC jurisdiction.
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2024-04-26 21:18