Thousands of Coinbase users sign up as potential amicus curiae in legal fight with SEC

cyptouser8 months agoCryptocurrencies News168

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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