John Deaton, managing partner at Deaton Law Firm, has called on Binance and Coinbase users to contribute to an amicus brief to submit to the court hearing their cases.
Amicus curia is Latin for friend of the court. It refers to a person or group that is not the plaintiff or defendant, but has a significant interest in the proceedings. This person or group can influence the legal outcome by submitting a written argument, called an “amicus brief,” expressing its opinion to the court.
Deaton is best known for his representation 75,000 XRP Holders in the SEC vs. Ripple. He also initiated similar actions in support of Ethereum holders against New York Attorney General Letitia James in her case against KuCoin.
Deton on supposedly that “the SEC is NOT acting in the best interests of retail crypto holders,” claiming “The SEC has an agenda.”
SEC vs Binance and Coinbase
On June 5, the SEC filed a complaint alleging that Binance and its affiliates had violated securities laws.
The allegations against Binance include that the BNB exchange token is a security, offers trading services for multiple tokens considered securities, and was trading to misinterpret trading volumes, among other allegations.
As the crypto industry considered the implications of the lawsuit, the SEC filed a complaint against Coinbase the next day. The agency alleged that Coinbase violated securities laws, including operating an unregistered exchange.
Both cases have been filed in civil court and neither suspect is currently facing criminal charges.
Deaton enlists base support
the barrel aims to set up an “alleged class” of Binance and Coinbase users to participate in the legal process, to ensure crypto users’ interests are represented
Provide background on the amicus briefing in the SEC vs. ripple case, the barrel clarified that it was not about defending Ripple. Instead, it was an opportunity to state additional points from a third-party perspective, including the group’s opinion.
He went on to explain that Ripple can defend itself just like Binance and Coinbase. However, based on his belief that the lawsuits are harming crypto users, which contradicts the SEC’s mantra of “protective investors”, Deaton has asked the parties involved to complete a Google document in which they can also indicate their interest in contributing to the amicus brief.