.Coinbase's lawsuit against the SEC receives backing from pro-Ripple attorney JohnEDeaton1
Deaton said he was the first person to file such a lawsuit in the history of the crypto ecosystem in the country, and it was on behalf of XRP. According to him, his Writ of Mandamus was targeted at getting the SEC to amend its complaints against Ripple by limiting the focus to XRP coins sold by the blockchain payments firm.
The SEC had alleged that XRP was sold as a security and the regulator had indicted even secondary sales of the digital currency. While Deaton was not fixated on the key details of his own lawsuit, he was more amused that more entities in the industry are standing up to the SEC and demanding better regulatory governance.
Drawing parallels with the Coinbase lawsuit, Deaton said the SEC cannot keep citing one case to back its claims based on the Howey Test that was formed more than seven decades ago.
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