A Pivotal Date: Why January 17, 2024, is Crucial in the Coinbase vs SEC Lawsuit?

The post A Pivotal Date: Why January 17, 2024, is Crucial in the Coinbase vs SEC Lawsuit? appeared first on Coinpedia Fintech News

Attorney John Deaton, known for representing XRP holders, is preparing to present oral arguments for customers during the upcoming Coinbase-SEC lawsuit. The pivotal date in this legal battle is January 17, 2024, when Coinbase’s motion for judgment will be heard before the court.

In June, the SEC accused Coinbase of violating securities laws, stating that the crypto exchange operated as an unregistered securities exchange, broker, and clearing agency. In response, Coinbase has called for dismissing these complaints, arguing that the SEC has overstepped its jurisdiction.

The Significance of January 17, 2024:

John Deaton is emphasizing the importance of January 17, 2024, when oral arguments for Coinbase’s motion to dismiss (MTD) will take place. Notably, Deaton points out that judges often do not schedule oral arguments for MTDs, as these are typically refused based on the documents alone. The fact that an oral argument has been scheduled could potentially be a setback for the SEC. Deaton explains that the unique nature of Coinbase’s MTD has warranted special consideration from the judge.

As part of the proceedings, both parties must meet and draft a timeline for the oral arguments, including the duration allotted to each side. This proposed timeline should be submitted to the court by November 17, 2023.

Ripple-Like Amicus Curiae Filed by 5,000 Customers:

In June 2023, when the SEC filed a lawsuit against Coinbase, John Deaton invited prospective customers to sign up as amicus curiae to ensure their voices were heard. As a result, approximately 5,000 individuals have registered as potential amici curiae in the SEC action. Deaton plans to represent these individuals during the oral arguments despite not being directly involved in the case. If the lawsuit progresses further in District Court or on appeal, the customers’ amicus petition will be examined more thoroughly.

In conclusion, as the Coinbase-SEC legal battle progresses, the involvement of John Deaton and the 5,000 customers registered as potential amici curiae will be crucial in shaping the outcome of this significant case.