Coinbase has taken legal action against the Securities And Exchange Commission (SEC) due to their lack of response to their filing, which they claim is the primary reason for their decision. Pro-XRP lawyer John Deaton has explained how Coinbase has ‘solid grounds’ and how the crypto industry will eventually triumph in the court.
Regarding the XRP case, it is interesting to note that Deaton filed a groundbreaking lawsuit on behalf of XRP, seeking to have the SEC amend its complaint against Ripple by only focusing on XRP coins sold by Ripple’s blockchain payments firm. This would limit the scope of the charges and enable XRP to remain in circulation. It remains to be seen how this lawsuit will play out in court and what the final decision will be.
“I was going to argue the SEC’s decision was a gross abuse of discretion and there was evidence of potential wrongdoing. But the point of the Writ of Mandamus for me was more strategic than legal. I was forcing the SEC to respond and act, knowing that when they do they screw up.”
He said that the separation of powers is a critical principle in the US legal system, and it is likely that a judge would consider this principle when ruling on a Writ of Mandamus seeking to limit the SEC’s complaint against Ripple.
“I researched Mandamus Writs 2 1/2 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 it’s side, and the facts the SEC has created the last 6 years puts them on the losing side.”
According to his Tweet, the Writ of Mandamus had a strategic purpose in addition to its legal implications. Forcing the SEC to respond and act can indeed have consequences, and it remains to be seen how the SEC’s actions will affect the outcome of the case.
Source: https://coinpedia.org/ripple/ripple-vs-sec-news-live-updates-on-xrps-fate-in-epic-april-26th-hearing/