Coinbase Lawsuit Gains Momentum: Potential for Swift Progress Surpasses SEC v. Ripple
- The Coinbase lawsuit against the U.S. Securities and Exchange Commission (SEC) is predicted to progress more rapidly than the ongoing Ripple case.
- Coinbase’s legal team, led by Eugene Scalia, seeks a Writ of Mandamus for SEC rule-making.
- Major industry participants and House Financial Services Committee may back Coinbase by submitting amicus briefs.
The Coinbase lawsuit against the U.S. Securities and Exchange Commission (SEC) is predicted to progress more rapidly than the ongoing Ripple case, according to an anonymous lawyer MetaLawMan’s tweet. The case will bypass the trial court stage, starting in the appellate court, and will not involve discovery, allowing for a potential swifter resolution.
Legal Team Spearheading Case
Coinbase’s legal team is led by Eugene Scalia, former Secretary of Labor and son of the late Supreme Court Justice Antonin Scalia. With experience in defeating government agencies, including the SEC, their team is well-equipped to handle this case as they are seeking a Writ of Mandamus which is a court order compelling the SEC to make a decision on Coinbase’s request for rule-making. This lawsuit may not directly affect SEC’s threat to sue Coinbase but it draws attention to regulator’s contradictory positions regarding its authority to regulate digital assets that may influence other judges in similar cases.