XRP Holder’s Lawyer Gives Coinbase Fair Winning Chance in SEC Showdown
The optimism in the broader crypto ecosystem with respect to the enforcement actions brought against Coinbase Global Inc. by the United States Securities and Exchange Commission (SEC) remains mixed. This underscores the belief that some are certain the exchange has an upper hand while others believe the regulator has a more solid case.
XRP Holder’s Lawyer Position
While many industry observers have voiced their respective opinions, XRP holder’s lawyer, John Deaton has revealed that he is placing the odds of Coinbase winning the case based on the trading platform’s Motion to Dismiss (MTD) the claims it supported the trading of unregistered securities at 25%.
Deaton, who has chosen to represent the users of the exchange as well as those of its rival, Binance in court told his more than 290.6k followers on the X app that they cannot let Coinbase speak for them. Refusing not to form a coalition to let their voices be heard as far as the case is concerned on the basis that the exchange might be looking prime for a victory is risky.
Deaton said his representation in the Ripple vs SEC lawsuit made a difference, a difference he ascertains he can as well make again.
Due to his closeness to the XRP holder, Ripple Labs team, and the entire legal battle, John Deaton was very resourceful in providing crucial updates to the community as it concerns new motions, explaining difficult pronunciations by the Judge, and other legal nuances.
This same role will come in handy in the Coinbase lawsuit, especially if it is as prolonged as the XRP lawsuit has been.
Coinbase vs SEC: the Precedent is Set
The Coinbase vs SEC legal showdown appears to be more straightforward than envisaged as the positive XRP ruling has helped set a unique precedent that digital assets traded on crypto exchanges or secondary markets are not investment contracts between the issuer and the token holders.
Though the US SEC is contesting this ruling, there is a likelihood that the decision that the presiding Judge in this case will issue will have a leaning toward this precedent.
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