SEC filed lawsuit against Coinbase in June
AdsIts motion to dismiss pointed to the July 13 ruling in the SEC's case against Ripple, wherein a federal judge ruled that XRP sold on exchanges or through algorithms did not qualify as securities.
In this sense, Deaton has no idea what the outcome of Coinbase's motion to dismiss the SEC complaint will be. He, however, thinks that the request to dismiss might be denied. "I don't entirely rule out Judge Faila granting Coinbase's motion to dismiss or at least partially granting it. Normally, I would say I'm 99% sure a motion to dismiss is going to be denied."In light of this, Deaton urges Coinbase customers who object to the SEC lawsuit to make their voices heard. He believes a difference was made in the Ripple lawsuit when 75,000 XRP holders joined in filing an amicus brief, and he believes the same can be achieved in the Coinbase lawsuit.
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