AttorneysJohn Deaton and Eleanor Terrett have voiced their support for the recent filing of a Writ of Mandamus by US-based cryptocurrency exchange Coinbase against the US Securities and Exchange Commission (SEC).

The Writ of Mandamus is a court document that requires a government agency to act on a petition for a rule specific to a particular field. Coinbase filed the Writ of Mandamus to the SEC yesterday in order to make the regulator take action on their petition for a specific cryptocurrency rule.

In a tweet today, attorney Deaton declared his backing for the Writ of Mandamus, remarking that the San Francisco-based crypto exchange is legally firm in its stance. The crypto lawyer further went on to predict a victory for Coinbase, highlighting that he successfully predicted GrayScale’s win for a Bitcoin spot ETF in the past.

Learning from his own experience, Deaton pointed out that the crypto industry must fight the SEC through legal battles as the law is not in favor of the latter. He also shed light on his Writ of Mandamus filed against the SEC in order to modify its complaint against Ripple’s XRP tokens, which only focussed on direct sales instead of the secondary markets as well.

Apart from Deaton, Fox Business journalist Eleanor Terrett too made a statement on the matter, with respect to Binance’s stance. She quoted a source close to the world’s largest crypto exchange, who said that although Binance is in full support of Coinbase’s Writ, it fears that its involvement could come in the way of its operations.

Moreover, SEC Chairman Gary Gensler had recently remarked that majority of crypto offerings are under the regulator’s control, and this sparked up a strong counter response from the crypto community. They have continuously criticized the authorities for its lack of providing proper regulations for the industry.

It goes without saying that it’s quite evident that the industry is in need of more transparency and proper regulations from the SEC. And with Coinbase’s Writ of Mandamus against the SEC together with the full enthusiasm of the cryptocurrency community behind it, it will be interesting to see the events that unfold in the times to come.



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