XRP News: The crypto industry has been asking the financial regulators for a clear set of rules which regulate digital assets. After several attempts to gain regulatory clarity, Coinbase finally filed a lawsuit against the U.S. Securities and Exchange Commission (SEC). However, XRP holders’ lawyer in the Ripple lawsuit showed his support for Coinbase by referring to his filings.
XRP Lawyer Stands With Coinbase Against SEC
Attorney John Deaton, Amicus Curiae in the U.S. SEC Vs Ripple lawsuit highlighted the Coinbase fillings against the regulator. He stated this is the 2nd Writ of Mandamus filed which involves crypto. The attorney liked the Coinbase petition as his first writ of Mandamus was also against the SEC.
(A writ is a legal order issued to do something. While a writ of Mandamus is a judicial order from a court to an inferior government official or authority.)
XRP lawyer mentioned that he sued the commission asking a court to order the SEC to perform its job. While he asked the judge to amend Ripple’s complaint to just include direct sales done by them. Read More XRP News Here…
As per the Attorney, in the writ, he argued over the SEC lawyers’ lack of good faith in the case. The subject of the matter was whether the XRP secondary market sales offer completely independent from Ripple are securities or not. He claimed that the SEC wasn’t able to file one such case from the past 76 years since Howey decided that suggests this.
Coinbase Chief Legal Officer, Paul Grewal in a blog post stated that the recent SEC’s public statements depict that the commission has already made its mind to deny their petition.
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