Crypto Market News: John Deaton, the lawyer representing over 70,000 XRP token holders in the SEC lawsuit, said the Binance lawsuit is just like the Ripple case, in terms of fraud charges. He said the Coinbase lawsuit did not make sense since the company’s direct listing on NASDAQ was approved by the SEC itself in 2019. Interestingly, the XRP token was also among the tokens listed on the Coinbase ($COIN) platform when the IPO application was filed. It was later on in 2020 that the US SEC filed a lawsuit against Ripple and Coinbase followed with delisting the token.

Also Read: Cardano (ADA) Selloff Picks Momentum After Been Implicated in Coinbase Crackdown

Deaton said there could be political agenda behind the SEC’s legal action against two of the world’s top crypto exchanges. This is all the more important in the current regulatory environment as crypto increasingly looks to become an election year issue ahead of the US presidential election 2024.

CBDC Push Behind Binance, Coinbase Lawsuits?

The XRP lawyer wondered if Senator Elizabeth Warren and SEC Chair Gary Gensler are pushing for the launch of the CBDCs, and which is why they are attacking the crypto exchanges. Deaton has long argued that Wall Street biggies of the likes of Goldman Sachs and JP Morgan would look to gain some share of the crypto market business, before the United States administration implements a full fledged digital assets regulatory framework. The attorney explained the merits of the lawsuits speaking in CryptoLawTV session on Tuesday.

“(The lawsuits may have come) because of political agenda as Senator Elizabeth Warren all of a sudden wants to go anti-crypto and her good friend Gary Gensler is going to help her accommodate that. And may be they are pushing for central bank digital currency (CBDC). Or may be Goldman Sachs and JP Morgan are upset over the success of Coinbase.”

Meanwhile, the crypto market hardly got affected by the two back to back lawsuits, as Bitcoin price soared up around 5% following the Coinbase lawsuit news.

Also Read: Is Ripple-Like Lawsuit Looming, Coinbase CEO Vows to Seek Legal Redress With SEC

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Anvesh reports major crypto updates around regulation, lawsuits and trading trends. Published around 1,000 articles and counting on crypto and web 3.0. He is currently based in Hyderabad, India. Reach out to him at [email protected] or twitter.com/BitcoinReddy

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.