Coinbase’s case against the U.S. Securities and Exchange Commission (SEC) has the backing of attorney and XRP advocate John Deaton, who is certain that his client will win.
According to Deaton’s tweets to his 262,100 followers, Coinbase will win its case against the SEC to force the agency to reveal whether it approved or rejected a petition the company submitted in 2022.
Deaton claims that the US cryptocurrency exchange has the support of the law. “The Coinbase Writ was read by me. It’s right on the money, and I’m calling a WIN for the same reason I called Grayscale’s early victory against a BTC spot ETF.
About two and a half years ago, I looked into the topic of Mandamus Writs. When it comes to the law, Coinbase is in the clear. It’s been almost a year since I predicted a legal victory for the cryptocurrency sector. Neither the law nor the evidence that the SEC has produced over the last six years is on their side.”
A mandamus writ is a legal document that requires a public person to “properly fulfil their official duties or correct an abuse of discretion.”
Paul Grewal, Coinbase’s chief legal officer, claims the SEC has a responsibility to react to petitions as soon as possible.
Since the SEC has failed to reply to our petition from last July, we have now taken legal action against them for failing to do so “within a reasonable time” as required by law.
