A recent court order regarding Coinbase’s Writ of Mandamus against the United States Securities and Exchange Commission (SEC) has surfaced, leading to diverse reactions from top Ripple chiefs. The new order seems like a significant turning point in the SEC’s lawsuit against Coinbase, but what does the Coinbase Mandamus action involve?
Coinbase Mandamus Action: Court Issues Ruling
Coinbase’s Chief Legal Officer, Paul Grewal, revealed that the Third Circuit Court issued an order in its Mandamus action, instructing the SEC to indicate whether it chose to reject the exchange’s petition for rulemaking.
A situation where the SEC supports the exchange petition for rulemaking would imply that the court orders the regulatory body to reveal how much extra time it needs to either grant or reject the petition.
In addition, SEC was quizzed on why the court should not maintain jurisdiction and order periodic reports as presented by the exchange. The order hopes to establish a deadline by which the court could issue its stance on the exchange’s Writ of Mandamus petition should the SEC not grant or deny the petition for rulemaking.
Notably, SEC has seven days to file a letter addressing the issues raised in the order. On the other hand, Coinbase may also react to the SEC’s letter within five days of the agency’s filing, and submissions from both parties shouldn’t exceed ten pages.
Ripple Executives React
Ripple’s General Counsel Stuart Alderoty and David Schwartz, the Chief Technical Officer at Ripple, gave their opinions on Grewal’s update on Twitter.
Alderoty noted the importance of the new order by tweeting, “It may have been lost in yesterday’s other news, but this is big!”
In response to Grewal’s update, Schwartz, knowing fully well how SEC reacts to queries due to the regulator’s behavior in the lawsuit against Ripple, noted the SEC will initially try to argue that it does not have to provide the information the court seeks. However, the regulatory body would still provide the information in the long run.
I will bet money the SEC's response to this order begins with arguing that they shouldn't have to provide this information and then goes on to provide it.
— David "JoelKatz" Schwartz (@JoelKatz) June 8, 2023
Relist XRP – Crypto Community Beckons Coinbase
Recall that Coinbase had long delisted XRP from its platform at the onset of the SEC’s lawsuit against Ripple. Following the recent turnout of events that saw the regulatory body sue Coinbase and Ripple executives publicly supporting the exchange, crypto enthusiasts think it is high time the exchange relisted XRP.
THERE IS NO REASON FOR XRP TO STILL BE DELISTED FROM COINBASE AFTER WHAT THE SEC DID
THEY HAVE NOT DELISTED ALL THE OTHER CRYPTOS
THE ULTIMATE SHOW OF CRYPTO HARMONY IS TO RELIST XRP
— The Bearable Bull (@thebearablebull) June 7, 2023
Other notable crypto proponents calling Coinbase to relist XRP include Ben Armstrong, popularly known as Bitboy, and the Gym Positivity founder Joey Swoll.
— Ben Armstrong (@Bitboy_Crypto) June 8, 2023
Now would be a great time to #RelistXRP.
— Joey Swoll (@TheJoeySwoll) June 7, 2023