Popular pro-XRP lawyer John E. Deaton has weighed in on the ongoing court case between the United States Securities and Exchange Commission (SEC) and the Coinbase cryptocurrency exchange.
In June, the US securities regulator launched a lawsuit against Coinbase, accusing the exchange of running an “unregistered securities exchange, broker and clearing agency.”
On August 4, Coinbase responded to these charges with a motion to dismiss. The defendants claimed their exchange offered no securities and thus does not operate under the SEC’s jurisdiction.
Deaton Raises Coinbase’s Chances Of Motion Dismissal Following Uniswap’s Victory
According to an X post on August 30, John Deaton had stated there is a 35% chance that Coinbase’s motion to dismiss the SEC’s case gains the court’s favor based on Uniswap’s recent legal triumph.
On August 29, Judge Katherine Failla, presiding over the Coinbase v. SEC, dismissed a class action suit against Uniswap where several investors accused the decentralized exchange of allegedly promoting “scam tokens.”
The court stamped out the case, citing the lack of “identifiable defendants” and the ambiguous state of crypto regulation in the US.
Today on @scottmelker’s show I said there was a 20-25% chance Judge Faila dismisses the SEC’s complaint (or partially dismisses leaving the staking issue), ruling that Howey is inapplicable regarding secondary sales of digital assets on an
Exchange in blind bid/ask transactions.… https://t.co/irSz1UvSJ9
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Author: Semilore Faleti
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