XRP Holder's Lawyer Gives Coinbase Fair Winning Chance vs SEC

XRP Holder’s Lawyer Position

While many industry observers have voiced their respective opinions, XRP holder’s lawyer, John Deaton has revealed that he is placing the odds of Coinbase winning the case based on the trading platform’s Motion to Dismiss (MTD) the claims it supported the trading of unregistered securities at 25%.

advertisement

Deaton, who has chosen to represent the users of the exchange as well as those of its rival, Binance in court told his more than 290.6k followers on the X app that they cannot let Coinbase speak for them. Refusing not to form a coalition to let their voices be heard as far as the case is concerned on the basis that the exchange might be looking prime for a victory is risky.

Deaton said his representation in the Ripple vs SEC lawsuit made a difference, a difference he ascertains he can as well make again.

Due to his closeness to the XRP holder, Ripple Labs team, and the entire legal battle, John Deaton was very resourceful in providing crucial updates to the community as it concerns new motions, explaining difficult pronunciations by the Judge, and other legal nuances. 

This same role will come in handy in the Coinbase lawsuit, especially if it is as prolonged as the XRP lawsuit has been.

Coinbase vs SEC: the Precedent is Set

The Coinbase vs SEC legal showdown appears to be more straightforward than envisaged as the positive XRP ruling has helped set a unique precedent that digital assets traded on crypto exchanges or secondary markets are not investment contracts between the issuer and the token holders.

Though the US SEC is contesting this ruling, there is a likelihood that the decision that the presiding Judge in this case will issue will have a leaning toward this precedent.

Comments

Post a Comment

Popular posts from this blog

BlockFi files for bankruptcy, cites FTX collapse for its troubles

The crypto lender was previously “rescued” by FTX following Terra’s stablecoin collapse. BlockFi announced on Nov. 28 that it had filed for Chapter 11 bankruptcy . The filing in the United States Bankruptcy Court for the District of New Jersey pertains to the company and its eight subsidiaries. The move comes after several days of speculation on the company’s financial health after the collapse of FTX. According to a statement, BlockFi has $256.9 million on hand. It has filed motions “to pay employee wages and continue employee benefits without disruption.” It also seeks to “establish a Key Employee Retention Plan to ensure the company retains trained internal resources for business-critical functions” and has created an internal plan to reduce expenses. BlockFi International has also filed for Bankruptcy with the Supreme Court of Bermuda, according to the statement. Today, BlockFi filed voluntary cases under Chapter 11 of the U.S. Bankruptcy Code.https://t.co/adaAx6me4r — BlockFi (
Read more

SBF Dubs Potential FTX Relaunch a "Productive Path Forward"

Image
FTX founder and CEO Sam Bankman-Fried has not lost hope in the troubled firm’s chances of resurgence. The troubled founder revealed in his reply to a recent tweet that he thinks reopening the exchange could set the platform back on track. Also today, SBF continued its well-documented spat with Binance founder Changpeng Zhao. Neuner Shares Plans to Restore FTX, Bankman Fried Agrees It began on Friday morning when CNBC crypto trader Ran Neuner shared a potential course of action for FTX. Neuner’s suggestions included the issuance of a new FTT token and its subsequent distribution to creditors and depositors. He also called for 100% of the profits to be directed to token holders. Neuner encouraged:  Fire up the FTX exchange! It will be the biggest exchange in the world and users will be made more than whole.” In another post shortly after, Neuner reaffirmed his faith in his ideas. If @cz_binance and or @benbybit are willing to back me and guide me, I’m happy to champion this.
Read more

NFT Creators Investigated in Israel for Alleged Tax Evasion

Israel’s tax authority is after two creators of non-fungible tokens (NFTs) suspected of failing to report almost $2.2 million in revenue. The news of the investigation comes after the recent arrest of a graphic designer from Tel Aviv accused of similar offenses. Thousands of ‘Western Wall NFTs’ Allegedly Sold Without Tax Reporting Israel Tax Authority is investigating two NFT creators in Jerusalem who did not report millions of U.S. dollars in revenue received from the sale of their digital works. The tokens they offered were based on a 3D scan of the stones of the Western Wall. The suspects, Avraham Cohen and Antony Polak, own the Holyrocknft.com website through which they sold their NFTs, the Jerusalem Post reported on Sunday. The platform claims to “combine the business world and technological progress with Jewish faith and spirit.” Investigators were able to establish that since 2021 the two Israelis sold 1,700 digital works for 620 ETH. At rates at the time of transactions, th
Read more