Crypto Market News: Alleging that the U.S. Securities and Exchange Commission (SEC) is not working in the best interests of the Coinbase and Binance users, John Deaton, the attorney representing more than 75,000 XRP token holders, is pushing to see if a group of users can united to have a voice in the lawsuits. The attorney is recommending that a class of customers and crypto account holders who use these platforms come together and see if they can participate in the lawsuits and potentially get amicus status. Meanwhile, the crypto market was hardly affected by the back to back lawsuits as Bitcoin price registered a weekly loss of just 1.73%.
In the Ripple Vs SEC lawsuit, as many as 15 amicus briefs were filed in support of Ripple, from the likes of Coinbase Blockchain Association, and Chamber of digital commerce.
What Is Amicus Status?
Any person or group of people with interest in the lawsuit can approach the court for permission to submit an “amicus brief” to have their say. The Amicus status is given to the person or group who is not a direct party to the case but has a strong interest in the premise of the lawsuit.
John Deaton Seeks Coinbase, Binance Customer Information
Deaton said that the two crypto exchanges can only be expected to look out for themselves but not the users in particular. Hence, the attorney is exploring if there will be any interest in filing for amicus status, stating that the users’ voices need to be heard in court. He shared a Google Form where users can fill out their names and email and if there is interest, the group can go for filing for amicus status.
“As I did in the Ripple case, I have a Google form to establish a putative class of customers and crypto account holders who use these platforms. If there’s interest, we can ask to participate and possibly be granted amicus status in an effort to make sure our voices are heard.”
Deaton alleged that the SEC has an agenda in not acting in the best interests of retail crypto holders.
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