John Deaton, Managing Partner at Deaton Law Firm, has called on Binance and Coinbase users to contribute an amicus brief to be presented to the court handling their cases.
amicus curiae is Latin for friend of the court. It refers to a person or group who is not the plaintiff or defendant but has a principal interest in the proceedings. This person or group can influence legal outcomes by submitting a written argument, called an “amicus brief”, to the court expressing its opinion.
Deaton is known to represent 75,000 XRP holders in the ongoing SEC vs. Ripple case. He instigated a similar action against New York Attorney General Letitia James in support of Ethereum holders. Case Against KuCoin.
dayton ahead alleged “The SEC has an agenda,” claiming that “the SEC is not acting in the best interest of retail crypto holders.”
SEC vs Binance and Coinbase
On June 5, the SEC filed a complaint alleging that Binance and its affiliated entities violated securities laws.
Charges against Binance include its BNB exchange token as a security, providing trading services for securities considered to be multiple tokens, and wash trading for falsifying trading volumes, among other charges.
As the crypto industry contemplated the implications of the lawsuit, the SEC filed against Coinbase the next day. The agency alleged that Coinbase violated securities laws, including by operating an unregistered exchange.
Both cases have been filed in civil court and none of the defendants is currently facing any criminal charges.
Deaton grassroots support
dayton Binance and Coinbase Want to Establish a “Known Class” of Users to Participate in Legal Proceedings, Ensures Crypto Users’ Interests Are Represented
Giving background on the amicus brief in the SEC v. Ripple case, dayton Clarified that this was not about defending Ripple. Instead, it was an opportunity to state additional points from a third party’s point of view, including the opinion of the group.
He further explained that Ripple, like Binance and Coinbase, is capable of defending itself. However, based on their belief the lawsuits are harming crypto users, that is contrary to the SEC’s “protect investorsmantra, Deaton has asked the affected parties to fulfill google doc Wherein they may also indicate their interest in contributing to the Amicus Brief.