Coinbase Lawsuit Gains Momentum: Swift Progress Expected vs. SEC
Summary of Article
- Coinbase lawsuit against the SEC is expected to progress faster than Ripple case, bypassing the trial court stage.
- Coinbase legal team led by Eugene Scalia seeks a Writ of Mandamus for SEC rule-making.
- Industry players and government officials may support Coinbase’s action, with analysts expecting positive impacts on Coinbase stock.
Lawsuit Against SEC Gains Momentum
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. This is because the case will bypass the trial court stage, starting in the appellate court, and will not involve discovery, allowing for a potential swifter resolution. Leading this effort is Coinbase’s legal team which is headed by Eugene Scalia – former Secretary of Labor and son of the late Supreme Court Justice Antonin Scalia – who has extensive experience in defeating government agencies like the SEC. The company seeks a Writ of Mandamus, a court order compelling the SEC to make a decision on its request for rule-making.
Potential Support from Industry Players & Government Officials
Apart from potentially achieving swifter progress, Coinbase’s legal action may also draw attention to the regulator’s contradictory positions regarding its authority to regulate digital assets. It is expected that major industry participants and even House Financial Services Committee or individual members may back Coinbase by submitting amicus briefs. Although it may not directly affect the SEC’s threat to sue Coinbase, it could influence other judges when facing similar cases involving conflicting stances taken by regulators.
Positive Impacts on Stock Price Expected
Prominent New York-based investment bank H.C. Wainwright analysts have stated that Coinbase’s legal victory could result in increased investments into digital asset firms while leading to positive impacts on its stock price as well as improving its negotiating power with regulators globally. This would make it easier for businesses operating within cryptocurrency space in countries outside America too as regulatory arbitrage would become easier for them as well if any changes at US regulatory level occur due to this lawsuit success story.