Coinbase Request %.
Ripple ruling strengthens Coinbase's appeal to the SEC
#Coinbase has asked the court to approve an interlocutory appeal in its dispute with the SEC.
The exchange argues that the appeal is necessary to clarify the application of the Howey
base believes its motion will give the appeals court a clear understanding.
Coinbase is asking the court to approve an interlocutory action in its ongoing legal dispute with the SEC.
The request follows Coinbase's initial filing nearly seven months ago, in April. Coinbase is asking the Court of Appeals to reconsider the application of the Howey test, a key criterion for determining the classification of securities.
In response, the SEC asked the court to dismiss the appeal on the grounds that Coinbase had no compelling reason to appeal; Judge Feilla has not yet ruled on the first lawsuit.
However, the SEC recently challenged the ruling in the #Ripple case, and Coinbase has reopened the appeal. The regulator argues that the decision is contrary to Supreme Court precedent and securities rules.
In a letter to Judge Katherine Polk Failla dated October 4, Coinbase asked the court to grant its motion to certify an interlocutory appeal against the SEC. If the motion is granted, the Second Circuit will consider Coinbase's legal challenges before the lower court issues a final ruling.
Coinbase argues that its appeal should be filed with the Second Circuit at the same time as the SEC's appeal. According to the exchange, such cooperation will allow the court to better understand the SEC's legal strategy.
#cryptocurrency lawyer James Murphy called Coinbase's legal strategy a smart move.
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