- Atty. John Deaton increases Coinbase’s chances to 50% in the SEC dispute, citing flaws in the SEC’s opposition.
- Recent developments in the Ripple case establish crypto precedents, raising questions about the relevance of the Howey Test.
- Coinbase’s CLO criticizes the SEC and prepares for a response on October 24.
Attorney John Deaton has ignited a firestorm on social media with his bold prediction regarding Coinbase’s ongoing legal clash with the US Securities and Exchange Commission (SEC). This announcement comes after significant developments in another SEC-related cryptocurrency lawsuit involving Ripple and its native token, XRP.
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Deaton’s statement has raised eyebrows across the cryptocurrency community as he dares to put a percentage on Coinbase’s odds of prevailing in this battle. After thoroughly examining the SEC’s opposition, Deaton has elevated Coinbase’s chances from a previously “extraordinarily high” 40% to an even more promising 50%.
His key argument is that the SEC’s opposition is notably deficient in addressing the most critical aspect of all: the law itself.
While the focus remains on Coinbase’s impending legal skirmish, Deaton also shed light on the Ripple lawsuit’s recent developments. Judge Analisa Torres denied the SEC’s motion to appeal a prior loss, setting significant precedents. This includes questioning the applicability of the Howey Test to digital assets, a pivotal issue in crypto-related legal battles.
Coinbase’s Chief Legal Officer, Paul Grewal, added his voice to the fray, criticizing the SEC’s regulation by enforcement approach. He emphasized the importance of considering the demands and expectations of the vast crypto community in the US, which numbers over 52 million.
Recently, more than 40 crypto companies rallied in Washington D.C. to call for legislation prioritizing consumer protection, innovation, and job creation within the US. Coinbase is gearing up to submit its response on October 24, marking a pivotal moment in its legal struggle.
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