XRP enthusiasts are calling on Coinbase to release XRP following the exchange’s legal woes against the SEC.
Top Ripple executives have reacted to a recent court order regarding Coinbase’s Writ of Mandamus against the United States Securities and Exchange Commission (SEC).
Court Issues Order Regarding Coinbase Mandamus Action
In a tweet yesterday, Coinbase’s Chief Legal Officer Paul Grewal disclosed that the Third Circuit Court issued an order in its Mandamus action, mandating the SEC to indicate whether it has chosen to deny the exchange’s petition for rulemaking.
Suppose the SEC does not deny the exchange’s petition for rulemaking. In that case, the court orders the regulatory agency to disclose how much additional time it requires to either grant or deny the petition.
Notably, the SEC was asked to state why the court should not retain jurisdiction and order periodic reports as proposed by the San Francisco-based exchange.
Furthermore, the order also seeks to establish a deadline by which the court will issue a decision on the exchange’s Writ of Mandamus petition if the SEC does not grant or deny the petition for rulemaking.
It is worth noting that the SEC has seven days to file a letter addressing the issues raised in the order. Meanwhile, Coinbase may also respond to the SEC’s letter within five days of the agency’s filing. The court noted that each party’s submission should not be more than ten pages.
For context, the development relates to Coinbase’s Mandamus action filed in April in a bid to compel the SEC to act on a July 2022 rulemaking petition.
Ripple Execs React
Interestingly, Ripple’s General Counsel Stuart Alderoty and CTO David Schwartz reacted to Grewal’s recent update regarding the court’s order on Coinbase’s Writ of Mandamus action.
Alderoty noted the significance of the recent order, saying:
“It may have been lost in yesterday’s other news, but this is really big!”
Commenting on the development, Schwartz speculated on how the SEC will respond to the petition. According to Schwartz, the SEC will begin the response by arguing that it does not have to provide the information the court seeks.
However, he noted that the SEC will still provide the information despite its initial arguments.
I will bet money the SEC's response to this order begins with arguing that they shouldn't have to provide this information and then goes on to provide it.
— David "JoelKatz" Schwartz (@JoelKatz) June 8, 2023
It is not surprising that Schwartz is willing to bet on his speculation on how the SEC will offer its response to the petition. Schwartz has substantial knowledge about the SEC’s method of addressing queries due to the regulator’s behavior in the lawsuit against Ripple.
Recall that the SEC made contradictory claims as part of its efforts to protect Hinman’s docs, the drafts of a 2018 speech made by William Hinman, former director of SEC’s Corporation Finance. The SEC’s contradictory arguments prompted Judge Sarah Netburn to call out the commission’s hypocrisy.
Crypto Enthusiasts Call Coinbase to Relist XRP
Meanwhile, XRP community members have been calling on Coinbase to relist the coin. Recall that Coinbase delisted XRP shortly after the SEC sued Ripple and two of its execs for offering unregistered securities via the sale of XRP.
With SEC suing Coinbase and Ripple executives publicly supporting the exchange, XRP enthusiasts have called on the crypto trading platform to relist XRP.
— evis zenios (@eviszen) June 7, 2023
THERE IS NO REASON FOR XRP TO STILL BE DELISTED FROM COINBASE AFTER WHAT THE SEC DID
THEY HAVE NOT DELISTED ALL THE OTHER CRYPTOS
THE ULTIMATE SHOW OF CRYPTO HARMONY IS TO RELIST XRP
— The Bearable Bull (@thebearablebull) June 7, 2023
Interestingly, prominent crypto YouTuber Ben Armstrong (BitBoy Crypto) and Gym Positivity founder Joey Swoll also asked Coinbase to relist XRP.
— Ben Armstrong (@Bitboy_Crypto) June 8, 2023
Joey Swoll, Gym Positivity CEO with 628.3K Followers, also shared his thoughts on XRP relisting.
Now would be a great time to #RelistXRP.
— Joey Swoll (@TheJoeySwoll) June 7, 2023