Deaton's statements come as Coinbase files a motion to dismiss the SEC lawsuit against it, leveraging the Major Questions Doctrine, a legal argument that Deaton suggests has"real teeth."
The SEC's case against Coinbase centers on the claim that the crypto exchange should have registered as a securities exchange, broker and clearing agency under federal securities laws. This is a position Coinbase contests fiercely. In light of these developments, Deaton expects numerous amici to request permission to file an amicus brief in the case, particularly those who dispute the SEC's classification of XRP, ADA, ALGO and 64 other digital assets as securities in legal filings.
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