Pro-XRP lawyer and crypto advocate John Deaton has filed an amicus brief supporting Coinbase’s motion to certify an interlocutory appeal in the exchange’s ongoing case with the US Securities and Exchange Commission (SEC).
SEC Regulatory Approach Is Inconsistent, Deaton Says
In his amicus brief submitted in SEC v. Coinbase, John Deaton has also laid into the Commission’s enforcement actions in the crypto space highlighting a concerning level of inconsistency. In particular, he heavily criticizes the argument of only tokens with an ecosystem being classified as a security.
He said:
Bitcoin is certainly distinguishable from other cryptocurrencies but claiming it’s not a security unlike other tokens because it doesn’t have an ecosystem, is just plain dumb
The US Senatorial candidate also reiterated the need for clear regulations for the US crypto space, stating the current hostile and inconsistent approach by the SEC is harmful to the growth of the nascent industry.
Crypto total market cap valued at $2.265 trillion on the daily chart | Source: TOTAL chart on Tradingview.com
Featured image from The Hill, chart from Tradingview
Go to Source
Author: Semilore Faleti
