Ripple CEO Brad Garlinghouse reposted a name for amicus Curiae lawyer John E. Deaton to run in opposition to Senator Warren. The submit on X (previously Twitter) mentioned,
“The Warren Anti-Crypto Military doesn’t stand an opportunity in opposition to the Professional-Crypto Military.”
On Thursday, the US Home Committee on Monetary Providers announced a listening to of the Subcommittees on Capital Markets and Digital Belongings, Monetary Expertise & Inclusion. The January 10 listening to is entitled “Regulatory Whiplash: Analyzing the Impression of FSOC’s Ever-Altering Designation Framework on Innovation.”
The amicus curiae lawyer Deaton responded to the announcement on X, posting,
“In order for you somebody to testify who really represents the pursuits of token holders – not crypto firms – and who has taken on the SEC and who’s helped expose simply how a lot Gary Gensler does NOT shield traders – I volunteer my providers.”
Deaton represented 75k XRP holders in the SEC v Ripple case, resulting in the Programmatic Gross sales of XRP ruling. The ruling was a giant win for Ripple and the broader crypto market.
In the submit, Deaton additionally highlighted his illustration for over 5k Coinbase (COIN) prospects in the SEC v Coinbase case.
In June 2023, the SEC charged Coinbase for allegedly working as an unregistered securities change, dealer, and clearing company. Moreover, the SEC charged Coinbase for the unregistered providing and promoting of securities in reference to its staking-as-a-service program.
Deaton famous that the SEC authorised Coinbase to go public, solely to sue them two years later for having an unlawful enterprise mannequin.
SEC v Coinbase: The Movement to Dismiss
In August, Coinbase filed a movement to dismiss (MTD), arguing the SEC lacks statutory authority over crypto exchanges. Republican Senator Cynthia Lummis supported the MTD, filing an Amicus Curiae Transient.
Decide Katherine Failla will hear oral arguments on the MTD on January 17, which might materially influence the SEC’s enforcement method. Nonetheless, the risk of a Democratic Celebration clear sweep and Sen. Warren’s Digital Asset Anti-Money Laundering Act making progress lingers.
Addressing the anti-crypto motion and the unseating of Senator Warren could be a boon for XRP and the broader crypto market.