Lawyer and XRP supporter John Deaton is optimistic that Coinbase will prevail in its lawsuit towards the U.S. Securities and Change Fee (SEC).
Deaton tells his 262,100 Twitter followers that the US crypto trade will emerge victorious within the lawsuit looking for to compel the SEC to reveal whether or not it has accepted or denied a petition that Coinbase filed in 2022.
In keeping with Deaton, the legislation is on the facet of the US crypto trade.
“I’ve learn the Coinbase Writ. It’s on course and I’m predicting a WIN similar to I predicted early on that Grayscale would win relating to a BTC spot exchange-traded fund (ETF).
I researched Mandamus Writs two and a half years in the past. Coinbase is on strong authorized grounds right here. Over a yr in the past, I stated the Crypto trade will win in court docket. The SEC doesn’t have the legislation on its facet, and the info the SEC has created the final 6 years put them on the shedding facet.”
A mandamus writ is a court docket order compelling a authorities official to “correctly fulfill their official duties or right an abuse of discretion.”
In July of 2022, Coinbase filed a petition with the SEC requesting that the “Fee suggest and undertake guidelines to manipulate the regulation of securities which might be supplied and traded by way of digitally native strategies, together with potential guidelines to determine which digital belongings are securities.”
In keeping with Coinbase’s chief authorized officer Paul Grewal, the SEC is duty-bound to reply to present suggestions on petitions in a well timed method.
“The SEC is required by legislation to reply to petitions ‘inside an affordable time,’ however they haven’t but responded to our petition from final July, which is why we filed our motion in court docket at present.”
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