An influential crypto lawyer and Ripple (XRP) supporter by the name of John Deaton has shared his viewpoint on the ongoing legal battle between the Securities and Exchange Commission (SEC) and Coinbase.
Coinbase, a cryptocurrency exchange based in the United States, has adopted a distinctive approach within the crypto industry by initiating legal proceedings against a regulatory body.
This move has garnered the approval of Deaton, who also filed his own second Writ of Mandamus against the commission. Deaton is confident that Coinbase will prevail in the lawsuit.
Last year in July, Coinbase submitted a petition against the regulatory watchdog, and as per legal requirements, the SEC was expected to respond within a reasonable timeframe.
However, Coinbase has yet to receive a response from the regulatory body, and as a result, the exchange has announced its decision to initiate legal proceedings against the SEC.
Coinbase cites the lack of response from the SEC as the primary reason for its decision to take legal action.
Deaton has made history by filing a groundbreaking lawsuit on behalf of XRP, marking the first such case in the United States within the crypto industry. Deaton’s Writ of Mandamus aimed to compel the SEC to revise its complaint against Ripple by limiting its focus to XRP coins that Ripple’s blockchain payments firm sold. This move would narrow the scope of the charges against Ripple and enable XRP to continue circulating.
In a recent blog post, Paul Grewal, the Chief Technology Officer at Coinbase, criticized SEC Chair Gary Gensler for failing to clarify which cryptocurrency assets qualify as securities. Grewal emphasized that more clarity is impeding innovation and progress within the crypto industry.
The cryptocurrency community in the United States has criticized the SEC for its lack of clear guidance on crypto asset regulation and called on the SEC to provide more precise guidelines. However, Gary Gensler has asserted that existing securities laws are sufficient guidance for the crypto community.
The crypto community in the United States has voiced dissatisfaction with the SEC for not providing clear and precise guidelines on regulating crypto assets. They have urged the regulatory body to offer more specific guidance.
Nevertheless, Gary Gensler has maintained that the current securities laws are adequate and provide sound advice for the crypto community to abide by.