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Pro-crypto lawyer John Deaton will file an amicus brief in support of Coinbase’s motion for an interlocutory appeal.
According to Fox News reporter Eleanor Terrett, Deaton will file an amicus brief today, April 26.
🚨SCOOP: Massachusetts Senate candidate @DeatonforSenate/@JohnEDeaton1 is putting his #crypto law hat back on and will file an amicus brief in support of @Coinbase’s motion for interlocutory appeal later today.
— Eleanor Terrett (@EleanorTerrett) April 26, 2024
In the brief, Deaton highlights the urgent need for legal clarity…
In the review, Deaton highlights the urgent need for legal clarity regarding digital assets, highlighting the U.S. SEC’s inconsistent approach to regulation and its detrimental impact on industry participants.
As evidence, the lawyer cites court cases such as Ripple, LBRY, and Telegram, as well as previous SEC statements on cryptocurrency and letters from various regulators and legislators expressing concerns about the regulator’s actions, Terrett noted.
Deaton criticized the SEC’s lack of consistency, including its changing stance on whether crypto tokens are themselves securities.
“Bitcoin is certainly distinguishable from other cryptocurrencies but claiming it’s not a security unlike other tokens because it doesn’t have an ecosystem, is just plain dumb.”
John Deaton, pro-crypto lawyer and Massachusetts Senate candidate
Deaton has been involved in cryptocurrency-related lawsuits, including filing a 2021 petition challenging the SEC’s lawsuit against Ripple, a security. Deaton announced his candidacy for the U.S. Senate earlier this year and criticized SEC Chairman Gary Gensler’s handling of the crypto industry.
Coinbase filed an appeal in two courts in April to challenge part of its ongoing litigation with the SEC. The company asked a higher court to consider whether a digital asset transaction that does not impose any obligations to the original issuer of the asset should be considered an investment contract, which would be regulated by the SEC.