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<p>John Deaton, a <a href="https://www.cryptopolitan.com/ripple-unveils-liquidity-hub-boost-business-payments/?swcfpc=1">Ripple</a> (XRP) advocate and prominent crypto attorney, recently voiced his opinion regarding the recent lawsuit between Coinbase and the Securities and Exchange Commission (SEC).&nbsp;</p>



<p>Coinbase, a U.S.-based cryptocurrency exchange, is taking a unique stance in the crypto industry by filing a lawsuit against the regulator – something that has pleased Deaton, who filed his own second Writ of Mandamus against the commission. He believes Coinbase will emerge victorious in this case.</p>



<p>Coinbase filed a petition against the regulatory watchdog last year in July, and by law, the SEC must respond within a reasonable time. Coinbase has now announced that it has decided to take legal action against the SEC due to their lack of response to their filing. The exchange claims this is the primary reason for its decision.</p>



<p>Deaton filed a groundbreaking lawsuit on behalf of XRP, making it the first such case in crypto history in the US. His Writ of Mandamus sought to have the SEC amend its complaint against Ripple by only focusing on XRP coins sold by Ripple&#8217;s blockchain payments firm. This would limit the scope of their charges and enable XRP to remain in circulation.</p>



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<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">The <a href="https://twitter.com/coinbase?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">@coinbase</a> filing today is the 2nd Writ of Mandamus filed involving Crypto. I ❤️ the Petition b/c I filed Crypto’s 1st Writ of Mandamus when I sued the SEC asking a judge to order the SEC to do its job and amend the <a href="https://twitter.com/Ripple?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">@Ripple</a> Complaint to only include direct sales by Ripple. <a href="https://t.co/9hd8ZyRhup" rel="nofollow" target="_blank">https://t.co/9hd8ZyRhup</a></p>&mdash; John E Deaton (@JohnEDeaton1) <a href="https://twitter.com/JohnEDeaton1/status/1650748541344546820?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">April 25, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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<p>Paul Grewal, Chief Technology Officer at Coinbase, recently published a blog post criticizing the inaction of SEC Chair Gary Gensler in failing to clarify which cryptocurrency assets are securities. In the post, Grewal noted that more clarity hindered innovation and progress within the cryptocurrency industry.</p>



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<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">It&#39;s obvious that there’s a lack of clarity among our regulators regarding crypto, as even the chair of the SEC has declined to say which crypto assets are securities. 3/4 <a href="https://t.co/6HZak3dzk9" rel="nofollow" target="_blank">https://t.co/6HZak3dzk9</a></p>&mdash; paulgrewal.eth (@iampaulgrewal) <a href="https://twitter.com/iampaulgrewal/status/1650655469101522949?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">April 25, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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<p>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 to follow.</p>

Crypto Attorney John Deaton supports Coinbase in SEC lawsuit

Cryptopolitan_News

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