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The famous lawyer for XRP holders, who is also the founder of CryptoLaw, John Deatonsignals next big date in Coinbase-SEC lawsuit.
The SEC charged Coinbase in June this year, alleging that the crypto exchange violated securities laws by acting as an unregistered securities exchange, broker, and clearing agency. Coinbase was also accused of an offer and sale of unregistered securities in conjunction with its staking-as-a-service scheme.
Coinbase responded in August by demanding that the court dismiss the Securities and Exchange Commission’s complaint against the company, alleging that the regulator was acting outside its jurisdiction.
For similar reasons, Coinbase stated that the SEC’s allegations that Coinbase’s staking and wallet services violate securities laws should be ignored.
In light of this, Deaton cites January 17, 2024 as the next key date in the Coinbase litigation. Oral argument for Coinbase’s (MTD) motion to dismiss will take place on this date.
The CryptoLaw founder emphasized the importance of this date, adding that judges often will not schedule oral argument on an MTD because it is often rejected based on the documents alone. He went on to say that Coinbase MTD is quite different and therefore the judge is giving it the attention it deserves.
In light of the court’s hearing schedule for the remainder of this year, the parties in the Coinbase-SEC lawsuit are due for oral arguments on January 17, 2024, according to a court document.
Additionally, the parties should meet and consult with each other, as well as with any amici curiae who wish to be heard, to establish a schedule for oral arguments, including the duration and time allocation for each side. The parties are expected to submit a joint submission no later than November 17, 2023, detailing the proposed timeline.
In this regard, Deaton stated that 5,000 Coinbase customers have signed up to participate as potential amici curiae if the case continues, either in District Court or on appeal. Although he is not involved in the case at this time, Deaton says he plans to attend oral arguments on behalf of individual clients.
