Coinbase has filed for a interim appeal in its ongoing legal dispute with the SEC (United States Securities and Exchange Commission). This request is the most recent turn of events in a closely-watched lawsuit that started in June 2023. In documents submitted on April 12, Coinbase is asking the court to clarify a constitutional issue related to the specific laws at hand, as they confront the SEC’s accusations of functioning without registration as a securities exchange, broker, and clearing agency.
Coinbase, the leading US cryptocurrency exchange with over 73 million users, is responding differently to the SEC’s petition after the court refused to dismiss the charges against them. Instead of staying silent, they have expressed their support for a clear regulatory framework in the crypto space and criticized the SEC’s ongoing efforts to restrict the industry.
Coinbase Makes Case For Interlocutory Appeal
Typically, appeals in legal cases occur following a trial or after a lower court has rendered a final decision. However, interlocutory appeals allow for the appeal of specific issues or rulings before the entire case is completed. In the SEC versus Coinbase case, the defendants are requesting a review of the definition of an investment contract as it pertains to cryptocurrency transactions.
According to Coinbase, this petition meets the necessary conditions for seeking an interlocutory appeal. The company argues that there exists a significant legal issue at hand: whether a binding investment agreement can be established in the absence of any post-sale commitments or obligations.
Coinbase points out significant discrepancies in perspective on this issue, particularly with regard to the Howey Test’s applicability to cryptocurrency deals. Moreover, they argue that resolving this debate could weaken the SEC’s main accusations against them in their ongoing legal dispute, hence the importance of appealing the decision.
After considering this petition for an interlocutory appeal, the court will next determine if it is necessary to certify a question of law for review by a higher appellate court. If so, that question will be submitted for their consideration and decision.
Appeal Vital For US Crypto Industry – Coinbase CLO
According to Coinbase’s top lawyer, Paul Grewal, the request for an intermediate appeal in the ongoing case is significant for the cryptocurrency sector. This importance arises from the SEC’s controversial enforcement measures, which have been criticized as unfair, in the absence of a clear regulatory framework.
Grewal said:
We’re requesting an early appeal of the SEC’s action against us and other digital asset companies because it significantly impacts our industry. The SEC’s move exceeds the legislative mandate given by Congress, casting an unwarranted shadow over US innovation in digital assets.
The crypto legal expert expressed his belief in the long-term viability and expansion of digital currencies. At the same time, he emphasized Coinbase’s dedication to establishing clear guidelines and adhering to regulatory requirements for the US digital asset sector.
Total crypto market cap valued at $2.239 trillion on the daily chart | Source: TOTAL chart on Tradingview.com
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2024-04-15 04:13