Paul Grewal, the American attorney, and Chief Legal Officer at the crypto exchange Coinbase has introduced his new weapon against the Securities Exchange and Commission (SEC) by referring to the Petition Clause that guarantees the protection of individuals’ rights while appealing to courts for legal disputes. The tweet intended to seek the attention of SEC Chair Gary Gensler to comply and respond to the company’s complaints.
On May 5, Grewal shared a Twitter post simply quoting the court’s precedents in Borough of Duryea v. Guarnieri, 564 U.S. 379 (2011) case:
"This Court's precedents confirm that the Petition Clause protects the right of individuals to appeal to courts and other forums established by the government for resolution of legal disputes." Borough of Duryea v. Guarnieri, 564 U.S. 379 (2011).
— paulgrewal.eth (@iampaulgrewal) May 5, 2023
Notably, the Petition Clause read as follows:
This Court’s precedents confirm that the Petition Clause protects the right of individuals to appeal to courts and other forums established by the government for resolution of legal disputes.
Significantly, the lawyer’s move followed the previous day’s order from the US Court to necessitate the SEC to respond to Coinbase’s writ of mandamus within 10 days.
Previously, Coinbase filed a narrow action in the court compelling the SEC to respond to the rule-making petition that the company filed in July 2022, asking the regulators to provide guidance to the crypto community.
Responding to the action, the Third Circuit Court of Appeals on Wednesday instructed the SEC to provide a valid answer to the exchange within a period of 10 days.
Notably, the court’s response was publicized by a tweet shared by Grewal, in which he included the court’s decree. The tweet read:
Respondent is ordered to file an answer to the petition for writ of mandamus within 10 days of the date of this order. Petitioner may file a reply to the response within 7 days of the date of filing of the response.
Interestingly, the crypto community has been presumably vigilant about the SEC- Coinbase tug of war. The recent tweet of the lawyer received a wide range of comments, mostly appreciating him for his efforts.
