According to recent revelations, Coinbase, the leading cryptocurrency exchange poses threat to the XRP holders. Bill Morgan, a prominent crypto lawyer, came into Twitter to reveal the damage to XRP holders by Coinbase:
After the SEC, Coinbase is right up there as an entity that has done much to harm XRP holders. https://t.co/WjZvGjAXqY
— bill morgan (@Belisarius2020) June 10, 2023
Alleging that the U.S. Securities and Exchange Commission (SEC) has not been working in the best interests of the Coinbase and Binance users, John Deaton, the attorney representing more than 75,000 XRP token holders, is pushing to see if a group of users could be united to have a voice in the lawsuits.
The attorney recommended that a class of customers and crypto account holders who use these platforms should come together to see if they could participate in the suits and potentially get amicus status. Meanwhile, the crypto market was hardly affected by the back-to-back cases as Bitcoin price registered a weekly loss of just 1.73%.
In the Ripple Vs. SEC lawsuit, as many as 15 amicus briefs were filed in support of Ripple from the likes of Coinbase Blockchain Association and Chamber of digital commerce. Deaton said that the two crypto exchanges could only be expected to look out for themselves but not the users. Hence, the attorney is exploring if there would be any interest in filing for amicus status, stating that the users’ voices need to be heard in court.
Deaton shared a Google Form where users could fill out their names and email; if there is interest, the group could file for amicus status:
As in the Ripple case, I have a Google form to establish a putative class of customers and crypto account holders who use these platforms. If there’s interest, we can ask to participate and possibly be granted amicus status to ensure our voices are heard.
As the Ripple case unfolds, it appears increasingly likely to proceed to court in the coming months. In anticipation of this development, attorney John Deaton has taken a proactive approach by creating a form to gather information from users of Coinbase and Binance who wish to be represented. Deaton assured users that their details would remain confidential and only be shared with the courts if necessary.
