John Deaton Files Amicus Brief in Support of Coinbase’s Appeal Against SEC

By
submitting
an
amicus
brief,
John
Deaton,
a
Republican
lawyer
and
candidate
for
the
Senate,
has
shown
his
support
for
Coinbase
in
the
legal
conflict
that
the
company
is
now
engaged
in
with
the
Securities
and
Exchange
Commission
(SEC).
Throughout
this
brief,
Deaton
makes
the
case
that
a
higher
court
need
to
take
into
consideration
a
significant
legal
question
that
pertains
to
the
regulation
of
cryptocurrencies.
Not
only
does
his
participation
in
this
case
serve
as
evidence
of
his
dedication
to
the
bitcoin
community,
but
it
also
serves
to
bolster
his
position
as
a
candidate
who
supports
cryptocurrencies
in
the
forthcoming
competition
for
the
Senate.

In
support
of
Coinbase’s
appeal,
the
company
has
filed
a
request
for
an
interlocutory
appeal,
which
seeks
to
have
a
higher
court
decide
whether
or
not
digital
assets
that
are
exchanged
on
secondary
markets
should
be
regulated
as
securities
by
the
Securities
and
Exchange
Commission.
Deaton’s
amicus
brief
provides
support
for
Coinbase’s
stance
by
contesting
the
SEC’s
wide
application
of
the
Howey
test,
which
determines
what
constitutes
an
investment
contract,
to
identify
all
token
transactions
as
securities.
This
test
is
used
to
establish
what
constitutes
an
investment
contract.
Given
the
variety
and
complexity
of
digital
assets
and
the
transactions
that
take
place
between
them
across
various
blockchain
platforms,
he
contends
that
an
all-encompassing
approach
is
not
feasible.

The
participation
of
John
Deaton
in
this
case
further
reinforces
his
image
as
a
pro-crypto
candidate
in
the
forthcoming
Senate
campaign.
Deaton’s
commitment
to
the
cryptocurrency
community
is
a
testament
to
his
dedication
to
the
cryptocurrency
community.
As
a
result
of
his
prior
support
for
Ripple
Labs
in
their
legal
struggle
against
the
SEC,
he
has
established
his
reputation
and
shown
his
dedication
to
the
digital
asset
industry.
Furthermore,
Deaton
is
expected
to
deliver
a
speech
at
the
Consensus
2024
conference,
which
will
showcase
his
active
participation
in
participating
in
talks
about
crypto-regulatory
issues.
Regardless
of
the
result
of
the
election,
it
is
probable
that
his
continuous
engagement
in
key
crypto-regulatory
matters
will
increase
his
influence
in
the
industry.

There
are
substantial
repercussions
for
the
Senate
campaign
as
a
result
of
John
Deaton’s
backing
for
Coinbase
in
its
legal
struggle
against
the
Securities
and
Exchange
Commission
(SEC).
He
is
a
strong
pro-crypto
candidate
due
to
his
dedication
to
the
cryptocurrency
ecosystem
as
well
as
his
active
participation
in
debates
on
crypto-regulatory
issues.
His
support
for
Coinbase
and
other
crypto-related
issues
is
likely
to
connect
with
voters
who
are
interested
in
the
future
of
blockchain
technology
and
digital
assets,
despite
the
fact
that
he
is
facing
a
hard
battle
against
the
incumbent
Senator
Elizabeth
Warren.

Image
source:
Shutterstock

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