Attorney and XRP supporter John Deaton is optimistic that Coinbase will prevail in its lawsuit against the U.S. Securities and Exchange Commission (SEC).
Deaton tells his 262,100 Twitter followers that the US crypto exchange will emerge victorious in the lawsuit seeking to compel the SEC to disclose whether it has accepted or denied a petition that Coinbase filed in 2022.
According to Deaton, the law is on the side of the US crypto exchange.
“I’ve read the Coinbase Writ. It is on target and I’m predicting a WIN just like I predicted early on that Grayscale would win regarding a BTC spot exchange-traded fund (ETF).
I researched Mandamus Writs two and a half years ago. Coinbase is on solid legal grounds here. Over a year ago, I said the Crypto industry will win in court. The SEC does not have the law on its side, and the facts the SEC has created the last 6 years put them on the losing side.”
A mandamus writ is a court order compelling a government official to “properly fulfill their official duties or correct an abuse of discretion.”
In July of 2022, Coinbase filed a petition with the SEC requesting that the “Commission propose and adopt rules to govern the regulation of securities that are offered and traded via digitally native methods, including potential rules to identify which digital assets are securities.”
According to Coinbase’s chief legal officer Paul Grewal, the SEC is duty-bound to respond to provide feedback on petitions in a timely manner.
“The SEC is required by law to respond to petitions ‘within a reasonable time,’ but they have not yet responded to our petition from last July, which is why we filed our action in court today.”Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney