Court Directs SEC To Respond To Mandamus Petition In 10 Days

Coinbase’s move to file the second Writ of Mandamus against the SEC bear fruit when the Third Circuit ordered the regulator to respond within 10 days.

Paul Grewal, Coinbase’s Chief Legal Officer, shared the text of the order via his official handle:

TEXT ONLY ORDER [Clerk] At the direction of the Court, the Respondent is ordered to file an answer to the petition for writ of mandamus within 10 days of the date of this order. The petitioner may file a reply to the response within 7 days of the date of filing of the response.

We appreciate the Court’s careful consideration of this matter, Grewal added.

This coincides with an unexpected occurrence involving the exchange’s legal team and blockchain company Ripple, who recently met off-site to discuss issues in the quickly developing cryptocurrency market.

Stuart Alderoty from Ripple thanked Grewal for making time to meet with the Ripple legal team. Grewal tweeted his appreciation for the offer in return and recommended future encounters should be held more frequently.

The meeting is deemed crucial as both firms are currently embroiled in a legal tussle with the SEC. In 2020 the regulator slapped the San Francisco-based firm and its top execs with lawsuits alleging the illegal sale of XRP as unregistered securities.

On the other hand, Coinbase got served a Wells notice in March where the regulator cautioned that the spot trading, staking, custody, and institutional trading activities of the exchange were in jeopardy.

Although both firms had kept their distance from one another as they dealt with the legal issues. Despite the odds, there has been a recent softening of stances as evidenced by the latest meeting.

Coinbase & Ripple Set Stage For Future Collaboration

In last Nov, Coinbase showed its support by filing an amicus brief in favor of Ripple Labs in the lawsuit by the U.S. Securities and Exchange Commission over XRP.

Apart from that, Coinbase’s willingness to fight the SEC might have resonated with other crypto supporters including pro-Ripple attorney John E. Deaton.

Earlier the vocal XRP representative threw his weight behind Coinbase Global Inc for filing against the United States’ regulator.

Deaton was particularly impressed by Coinbase filing the second Writ of Mandamus against the commission which he believed would help in better regulatory governance.