Pro-XRP activists and lawyers in XRP holders’ class action lawsuit spoke out In another Twitter thread, this time touching on the removal of cryptocurrency by Coinbase.
What prompted Deaton to say was that the US Securities and Exchange Commission has changed its strategy and is planning to take advantage of the same complaint, named after a former Coinbase manager, Who was accused of insider trading in order to make his job easier. According to the lawyer, the SEC is doing this to avoid meeting with Coinbase’s legal team, learned from the meeting with the Ripple team.
When the SEC Sued Ripple Claiming Today #XRP A Security, I Argued That Coinbase/Kraken Shouldn’t Delist #XRP But file a motion to intervene instead. The judge may not have granted it, but certainly would have given amicus status as he had #XRPHolders,
— John E Deaton (213K followers beware) (@JohnEDeton1) 28 August 2022
Consequences of the fear of standing out
Deaton said that when requested by the SEC, Coinbase could choose not to delist XRP, but instead go against it and file a motion to intervene. The lawyer’s fears of standing as a “fighter against the SEC” prompted the regulator to put further pressure on Coinbase, barring it from offering a variety of services, the lawyer continues.
According to the founder of Crypto Law, this was the point where Coinbase was supposed to bring XRP back on the list and eventually file a motion to intervene, but they again gave up, and now they are probably suing the SEC itself. going to face.
Now, according to Deaton, the SEC will build up the charges and seek evidence against Coinbase in the same case, hoping to bust the doubts and eventually come out to regulate all crypto exchanges and the secondary market.