🔔 Ding-ding! Round 2 in the SEC vs Coinbase saga! 🥊 The SEC has thrown a punch, rejecting Coinbase's appeal request in their ongoing legal dispute. They've accused Coinbase of trying to manipulate the appeal question to fit legal criteria. Ouch! 😬

The heart of the dispute? The Howey test. Coinbase isn't a fan, but the SEC uses it to determine if an offering qualifies as a security. The SEC suggests Coinbase just doesn't like the answer. 🤷‍♂️

Coinbase, on the other hand, challenged the idea that an investment contract requires a post-sale obligation. This sparked a debate over whether this is a controlling question that could influence the lawsuit's outcome. 🧐

The SEC isn't buying it, arguing that Coinbase hasn't presented a consistent interpretation of what constitutes a "contractual undertaking." They also believe Coinbase's proposal of a new legal test doesn't justify an appeal. 🙅‍♂️

So, what's your take? Is Coinbase trying to dodge compliance costs or is the SEC stifling innovation? Let's get the conversation going in the comments! 🗣️ #DeFi #Web3 #CryptoNews