Coinbase Pursues Interlocutory Appeal Amid SEC Case – Key Points Unveiled

Coinbase has initiated an interlocutory appeal in its ongoing legal battle against the SEC, seeking clarity on crucial legal matters. This move follows the denial of the exchange motion to dismiss the SEC allegations of operating as an unregistered securities entity.

The appeal aims to address pivotal questions regarding crypto transactions and regulatory frameworks.

Coinbase, America largest crypto exchange with 73 million users, has filed for an interlocutory appeal in its ongoing litigation with the US Securities and Exchange Commission (SEC). This latest legal maneuver comes in response to the SEC accusations of the exchange functioning as an unregistered securities exchange, broker, and clearing agency, dating back to June 2023.

In a motion submitted on April 12, Coinbase is seeking constitutional clarification on a specific “controlling question of law,” concerning the formation of investment contracts in crypto transactions. This strategic move follows the court rejection of Coinbase motion to dismiss the charges.

The appeal aims to challenge the SEC regulatory overreach and seeks to establish clear guidelines for the crypto industry. Paul Grewal, Coinbase chief legal officer, emphasized the significance of the appeal in light of the SEC alleged unjust enforcement actions and stressed the importance of establishing a transparent regulatory framework for the US crypto sector.

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