Thousands of Coinbase users sign up as potential amicus curiae in legal fight with SEC Thousands of Coinbase users sign up as potential amicus curiae in legal fight with SEC
The ongoing legal battle between the SEC and Coinbase is set for oral argument by next January.
2 min read
Updated: Oct. 27, 2023 at 8:14 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Around 5,000 Coinbase users have signed up as potential amicus curiae in the legal battle against the U.S. Securities and Exchange Commission (SEC), according to pro-XRP lawyer John Deaton.
In an Oct. 27 post on X (formerly Twitter), Deaton revealed that he would file the amicus curiae brief on behalf of these Coinbase users if the case proceeded to either a District Court or on appeal.
An amicus curiae, which translates from Latin to “friend of the court,” is a legal term referring to someone who is not a party to a case but who offers information, expertise, or insight that bears on the case. They provide this assistance to the court through a brief to help the court make an informed judgment. The role of an Amicus Curiae can be critical in cases where the court feels that it needs more information before making a decision.
Deaton believes the filing could make a difference in the case as it did in Ripple’s battle against the SEC. The lawyer had represented 75,000 XRP holders against the financial regulator and had instigated similar actions in support of Ethereum holders against New York Attorney General Letitia James in her case against KuCoin.
While Coinbase users are still itching to join the legal battle, the exchange already enjoys support from several crypto stakeholders, including Senator Cynthia Lummis, a cohort of legal scholars, and the Chamber of Digital Commerce.
Oral argument set for January
Meanwhile, the ongoing legal dispute between Coinbase and the SEC will move to the next phase as Judge Katherine Polk Failla has granted approval for an oral argument regarding Coinbase’s motion for judgment on the pleadings. The court will hear the case on January 17, 2024.
Paul Grewal, Chief Legal Officer at Coinbase, expressed appreciation for the court’s decision and affirmed the exchange’s readiness to address any inquiries posed by the Court. In response to the SEC’s case, Coinbase has sought dismissal, arguing that the regulator is overstepping its authority by categorizing cryptocurrencies listed on their platform as securities.
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Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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In this article
The XRP Ledger is a decentralized cryptographic ledger powered by a network of peer-to-peer servers.
Ethereum
$3,480.34
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Coinbase
Coinbase is a digital currency exchange and wallet service that allows individuals to buy, sell, and store digital currencies, such as Bitcoin, Ethereum, and Litecoin.
Ripple
Ripple is a US-based technology company which develops the Ripple payment protocol and exchange network using XRP, the digital asset native to the XRP Ledger.
John Deaton is the founder and host of CryptoLaw which was launched in 2021 to provide digital asset holders with information, news, and analysis on key U.S.
Paul Grewal is the Chief Legal Officer of Coinbase where he is responsible for Coinbase’s legal, compliance, global intelligence, risk management and government relations groups.
Cynthia Lummis, known for her pro-crypto views, is a United States Senator from the great State of Wyoming.