Coinbase Has Solid Legal Basis for Lawsuit Against SEC, According to Attorney
John Deaton, a prominent attorney, and XRP supporter, has expressed his optimism regarding the lawsuit filed by Coinbase against the U.S. Securities and Exchange Commission (SEC).
He took to Twitter to share his thoughts with his followers, predicting that the U.S. crypto exchange will emerge victorious in its efforts to force the SEC to disclose whether it has accepted or denied a petition submitted by Coinbase in 2022.
The Writ ultimately helped us become Amicus and we helped exclude an expert as well as other things (e.g. 3,500 affidavits).
I’ve read the Coinbase Writ. It is on 🎯 and I’m predicting a WIN just like I predicted early on that @Grayscale would win regarding a #BTC spot ETF.
— John E Deaton (@JohnEDeaton1) April 25, 2023
Deaton believes that the law is on Coinbase’s side, stating that he has read the Coinbase writ and finds it to be on target. He points to his earlier prediction about Grayscale’s Bitcoin spot exchange-traded fund, which also won its lawsuit, as evidence that he understands such cases well.
Deaton also mentions his research on Mandamus Writs, which he conducted two and a half years ago, and finds that Coinbase has a solid legal basis for its case.
He notes that he has been saying for over a year that the cryptocurrency industry will win in court, as the SEC does not have the law on its side, and the facts created by the SEC over the last six years put them on the losing side.
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Deaton defines a mandamus writ as a legal directive that mandates a government official to fulfill their duties or rectify an abuse of power. In July 2022, Coinbase submitted a request to the SEC to establish regulations for securities traded using digital platforms, which may include determining which digital assets are considered securities.
Despite the legal requirement for the SEC to respond to petitions within a reasonable time, the commission has not yet responded to Coinbase’s petition, prompting Coinbase’s chief legal officer, Paul Grewal, to take legal action against the SEC.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
