Attorney and XRP supporter John Deaton is optimistic that Coinbase will prevail in his lawsuit against the US Securities and Exchange Commission (SEC).
the barrel tells are 262,100 Twitter followers that the US crypto exchange will emerge victorious in the lawsuit to force the SEC to disclose whether it has accepted or rejected a petition Coinbase filed in 2022.
According to Deaton, the law is on the side of the US crypto exchange.
“I have read the Coinbase Write. It’s on track and I’m predicting a PROFIT, just as I predicted early on that Grayscale would win on a BTC spot exchange-traded fund (ETF).
I researched Mandamus Writs two and a half years ago. Coinbase has solid legal grounds here. Over a year ago I said the crypto industry will win in court. The SEC doesn’t have the law on its side, and the facts the SEC has created over the past 6 years have put them on the losing side.”
A mandamus subpoena is a court order that compels a government official to “duly perform their official duties or rectify any abuse of discretion”.
In July 2022, Coinbase filed a petition with the SEC asking the “Commission to propose and adopt rules for the regulation of securities offered and traded through digital native methods, including possible rules to identify which digital assets are securities.”
According to Paul Grewal, Coinbase’s chief legal officer, the SEC is dutiful to provide timely feedback on petitions.
“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.”
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