Attorney John Deaton’s bold prediction regarding Coinbase’s legal clash with the SEC has stirred the cryptocurrency community. He now estimates a 50% chance of victory for Coinbase, citing deficiencies in the SEC’s opposition.
Attorney John Deaton has sparked controversy on social media by making a daring prediction about Coinbase’s ongoing legal dispute with the US Securities and Exchange Commission (SEC). Deaton’s statement comes in the wake of significant developments in another SEC-related cryptocurrency lawsuit involving Ripple and its native token, XRP.
Deaton’s prediction has caught the attention of the cryptocurrency community as he assigns a percentage to Coinbase’s chances of prevailing in this battle. After a thorough analysis of the SEC’s opposition, Deaton has raised Coinbase’s odds from an already high 40% to an even more promising 50%.
His primary argument revolves around the SEC’s failure to adequately address the most crucial aspect: the law itself.
Meanwhile, as the spotlight remains on Coinbase’s impending legal showdown, Deaton also shed light on recent developments in the Ripple lawsuit. Judge Analisa Torres rejected the SEC’s attempt to appeal a previous loss, setting significant legal precedents. This includes questioning the applicability of the Howey Test to digital assets, a pivotal issue in crypto-related legal battles.
Coinbase’s Chief Legal Officer, Paul Grewal, joined the conversation, criticizing the SEC’s “regulation by enforcement” approach. He emphasized the importance of considering the demands and expectations of the vast US crypto community, which boasts over 52 million members.
Recently, more than 40 crypto companies rallied in Washington D.C., advocating for legislation that prioritizes consumer protection, innovation, and job creation within the US. Coinbase is preparing to submit its response on October 24, marking a pivotal moment in its legal struggle.