Crypto Market News: Referring to Coinbase’s Mandamus Petition, XRP attorney John Deaton recalled that the U.S. Securities and Exchange Commission (SEC) made Chair Gary Gensler’s public comments devalued. The SEC took the stance when it recently asked the Judge to deny Coinbase’s request to ask the agency to respond to a rulemaking petition. Coinbase submitted the petition in 2022, seeking clarity on how securities laws apply to cryptocurrency market.
Deaton, who represents over 70,000 XRP token holders in the Ripple Vs SEC lawsuit, said the SEC is looking to wage a political war at the cost of winning legally. Overall, the Coinbase Writ was the right move, he explained.
XRP Attorney Explains SEC’s War On Crypto
The XRP Attorney said the SEC’s fight is on three separate fronts but it chose to be politically right. Recently, the XRP Vs SEC lawsuit took a new shape after Judge Analisa Torres, who is overseeing the case, denied the SEC’s request to conceal the Hinman emails. In a latest, the two parties got a one week extension for the date of revealing the documents.
“The Administration’s war on Crypto has 3 separate Courts: the Court of Public Opinion, the Court of Congress, and the Federal Courts. The Coinbase Writ was the right move. It doesn’t matter if they lose this one legal battle in only 1 of the 3 Courts where the war is being waged.”
Deaton said that the Coinbase writ essentially works against the SEC itself as “the more the SEC speaks the more credibility it loses.” The SEC wants to push a political agenda and win at all costs while justice and investor protection be dammed, he added.
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