Coinbase Lawsuit Gains Momentum: Potential for Swift Progress Surpasses SEC v. Ripple

Summary:

• 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.

Background

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.

Possible Support from Industry Players & Government Officials

It is expected that major industry participants like House Financial Services Committee or individual members may back Coinbase by submitting amicus briefs in support of their action. The SEC Commissioners will have to approve any response from them however there is small chance that if just one Commissioner withdraws their support for SEC Chair Gary Gensler’s “regulation-by-enforcement” strategy then SEC might agree on engaging in rule making process with them .

Analysts Positive Outlook on Coinbase Stock

Prominent New York based investment bank H.C Wainwright analysts have stated that CoinBase stock may surge up if they win this lawsuit as investors would be able to gain clarity about US regulations on cryptocurrency sector which could open up new opportunities in crypto space .

Conclusion

The outcome of this case will be significant as it has potential implications across entire cryptocurrency industry so let’s wait and watch how things turn out finally .