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Home»ADOPTION NEWS»Coinbase seeks early appeal in SEC case after agency appeals Ripple ruling
ADOPTION NEWS

Coinbase seeks early appeal in SEC case after agency appeals Ripple ruling

By Crypto FlexsOctober 5, 20243 Mins Read
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Coinbase seeks early appeal in SEC case after agency appeals Ripple ruling
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In the latest development in a long-running legal case, Coinbase has asked the judge presiding over its fight with the SEC to grant its request for an interlocutory appeal, or an appeal granted before the case was resolved. A separate lawsuit was filed against web3 payment company Ripple.

Coinbase’s original request for an interlocutory appeal was filed in early April and asked how the Second Appellate Circuit could review the Howey test, a key question in the case. The 1946 Supreme Court decision applies to digital assets. “The fact that lawmakers, senators, and regulators were divided in their responses to the questions speaks to the difficulty of the subject matter, and the differing judicial outcomes illustrate the point,” Coinbase’s lawyers wrote.

The SEC filed its own letter a month later requesting the appeal be dismissed, but Judge Katherine Polk Failla in New York has not yet ruled on the appeal request because the agency felt there was “no substantive basis for disagreement.”

Now, Coinbase is once again urging Judge Failla to consider its interlocutory appellate motion following the SEC’s recent appeal in its case against Ripple. The cryptocurrency exchange argues that presenting both cases to the Second Circuit around the same time will help the court give “a full accounting of the legal and practical implications of the SEC’s litigation position.”

“The SEC acknowledged that the issues presented by Howey’s application to secondary market digital asset trading are ‘of industry-wide significance,’ and has now reaffirmed this with its appeal against Ripple,” Coinbase’s lawyers wrote. “Swift and full appeal review is urgently needed.” Coinbase and the SEC were not immediately available for comment.

Interlocutory appeals are rarely granted, but the SEC’s appeal in the Ripple case strengthens Coinbase’s case, said cryptocurrency lawyer James “MetaLawMan” Murphy, who called the lawsuit a “smart move.” “I am surprised that Judge Payla did not rule on Coinbase’s original motion for interlocutory appeal filed in April,” Murphy wrote in X.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2024 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

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