The post XRP Lawyer Considers Amicus Status for Coinbase and Binance Users appeared first on Coinpedia Fintech News

Amidst the legal turmoil, attorney John Deaton has taken up the cause of 75,000 XRP token holders, alleging that the U.S. Securities and Exchange Commission (SEC) has overlooked the interests of users on Coinbase and Binance. Deaton is calling upon these users to join forces and potentially gain amicus status in the ongoing lawsuits, presenting a unique opportunity to have their voices heard in the legal battles. 



What’s at Stake?



Amicus status is a legal term that allows individuals or groups with a strong interest in a case to provide their arguments to the court, even if they are not direct parties to the litigation. In this instance, Deaton is pushing for users of Coinbase and Binance, two major cryptocurrency exchanges, to collectively seek amicus status. By doing so, they can actively participate in the lawsuits and present their perspectives to influence the final judgment.



How can you participate?



Deaton contends that while Coinbase and Binance prioritize their own interests, they may not be fully committed to protecting the rights and welfare of their users. His call to action aims to rally the affected users and demonstrate their shared concerns to the court. In an effort to gauge interest and organize a united front, Deaton has set up a Google Form where users can express their willingness to participate in the endeavor.



Gaining Influential Support



The ongoing legal battle between Ripple and the SEC has attracted significant attention, with various entities expressing support through the filing of amicus briefs. Notable supporters include Coinbase, the Blockchain Association, and the Chamber of Digital Commerce. Deaton hopes to harness the momentum generated by these amicus briefs and extend the reach of user representation.



Challenging SEC Bias



He further highlights his suspicion of the SEC’s hidden agenda, Deaton argues that the regulatory body has neglected the interests of retail crypto holders. By pursuing amicus status, he intends to challenge this alleged bias and ensure fair treatment for all affected users. The collective effort to obtain amicus status not only serves as an opportunity to address potential injustices but also emphasizes the significance of the user community in shaping the future of cryptocurrencies.



Time to take action!



Moreover, despite the legal battles unfolding, the overall cryptocurrency market has remained resilient. Bitcoin, the leading cryptocurrency, experienced a marginal weekly loss of just 1.73%. This demonstrates the market’s ability to withstand legal uncertainties and maintain stability. The unity and resolve of Coinbase and Binance users, as they strive for amicus status, further showcase the resilience and determination of the broader crypto community.



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