Approximately 5,000 users of Coinbase have expressed their intention to participate as potential amicus curiae in the ongoing legal dispute with the U.S. Securities and Exchange Commission (SEC), as disclosed by attorney John Deaton, who has been advocating for XRP.

In a post dated October 27 on the social media platform X (formerly Twitter), Deaton announced his intention to submit an amicus curiae brief on behalf of these Coinbase users if the case progresses to either a District Court or an appellate stage.

The term "amicus curiae," which translates from Latin to "friend of the court," refers to a person or entity that is not directly involved in a lawsuit but offers valuable information, expertise, or insights that are relevant to the case. Their role is to provide assistance to the court by submitting a brief that aids the court in making a well-informed decision. The involvement of an amicus curiae can be crucial in cases where the court requires additional information to reach a verdict.

Deaton is optimistic that this filing could have a significant impact on the case, similar to its role in Ripple's legal battle against the SEC. Previously, he had represented 75,000 XRP holders in their legal actions against the financial regulator and had initiated similar efforts in support of Ethereum holders in their case against New York Attorney General Letitia James concerning KuCoin.

While Coinbase users are eager to participate in the legal battle, it's worth noting that the exchange has already garnered support from various cryptocurrency stakeholders, including Senator Cynthia Lummis, a group of legal scholars, and the Chamber of Digital Commerce.

In the meantime, the ongoing legal battle between Coinbase and the SEC is advancing to the next stage, as Judge Katherine Polk Failla has given the green light for an oral argument concerning Coinbase's motion for judgment based on the pleadings. The court has scheduled the hearing for January 17, 2024.

Paul Grewal, who serves as Coinbase's Chief Legal Officer, expressed gratitude for the court's decision and reaffirmed the exchange's preparedness to address any questions raised by the Court. In response to the SEC's lawsuit, Coinbase has requested the case's dismissal, contending that the regulatory agency is exceeding its jurisdiction by classifying cryptocurrencies listed on their platform as securities.