John Deaton, the lawyer representing over 75,000 XRP holders in the Ripple-SEC lawsuit, is optimistic that Coinbase will prevail in its lawsuit against the U.S. Securities and Exchange Commission (SEC).
In a recent tweet, Deaton told his teeming 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.
Read Also: California Federal Judge Comments On XRP Security Status in Class Action Lawsuit Against Ripple
According to the US-based lawyer, the law is on the side of Coinbase.
John Deaton noted:
“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.”
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NY, United States of America, 5th November 2024, Chainwire