Attorney for XRP holders is prepared to represent Binance and Coinbase customers in the next SEC case

This week, the U.S. Securities and Exchange Commission (SEC) filed lawsuits against Binance and Coinbase, two of the largest cryptocurrency exchanges in the world, claiming severe charges against both companies.

John E. Deaton, an attorney representing XRP holders, has said that he is willing to assist consumers of these two exchange giants by filing an amicus curiae brief to preserve their rights in the current litigation in the aftermath of the back-to-back enforcement actions.

Over 75,000 XRP investors are represented by attorney John E. Deaton, who does not believe the SEC is acting in the best interests of Coinbase and Binance customers.

Customers of the two exchanges are encouraged to band together to make their concerns known by intervening in the litigation as amici curiae.

The creator of CryptoLaw pointed out that over two years ago, the SEC approved Coinbase’s initial public offering (IPO) after concluding that the IPO was in the public interest. The SEC’s complete U-turn today demonstrates that the securities watchdog is not operating in favour of Coinbase’s clients.

According to Deaton, it is the responsibility of the two cryptocurrency exchanges, not the users, to protect themselves. “Coinbase and Binance are equivalent in this regard. Retail crypto holders may be confident that the SEC is NOT looking out for their best interests.”

Legal proceedings in the complaints against Coinbase and Binance have yet to begin. Still, if the SEC’s action against Ripple, which has been ongoing for three years, is an indicator, resolving these disputes might take a very long time. Deaton is responding by compiling a list of people who use Coinbase and Binance and want their interests reflected. The XRP attorney said that clients’ personal information entered into the Google form he provided would be kept confidential, barring a court order to the contrary.

It is expected that the courts hearing the cases against Coinbase and Binance will give special consideration to whether XRP qualifies as a security. This implies that the lawsuits against the two exchanges may be affected by the result of the Ripple action.

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