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Cryptocurrency News Articles
Coinbase Attorneys Push Court to Reconsider Interlocutory Appeal Amid Ripple Case Developments
Oct 06, 2024 at 08:01 pm
Coinbase attorneys are pushing the Southern District of New York to reconsider an interlocutory appeal filed in April 2024. In an Oct. 5 letter, the legal team pointed to the Securities and Exchange Commission's (SEC) recent notice of appeal in the high-profile Ripple case.
Coinbase attorneys are urging the Southern District of New York to swiftly consider an interlocutory appeal filed by the exchange in April 2024, highlighting the Securities and Exchange Commission’s (SEC) recent notice of appeal in the high-profile Ripple case.
In a letter dated Oct. 5, Coinbase’s legal team pointed to the SEC’s actions as indicating continued ambiguity in the application of the Howey Test, a long-standing legal standard for determining whether an asset qualifies as a security.
Specifically, the Ripple appeal demonstrates the broader implications of how the Howey Test applies to secondary-market digital asset transactions, according to Coinbase’s lawyers.
“The SEC has conceded, and now reconfirms by its appeal in Ripple, that the issues presented by Howey’s application to secondary-market digital asset transactions are of ‘industry-wide significance,'” Coinbase’s counsel wrote, stressing the urgency of a comprehensive appellate review.
James Murphy, a financial services attorney, noted that it was unusual for the court to have not yet ruled on Coinbase’s motion for an interlocutory appeal, given that these motions are typically handled swiftly due to their significance in clarifying legal disputes.
Murphy also praised Coinbase's strategy of highlighting the SEC’s actions in the Ripple case, suggesting that it could provide momentum for the exchange’s appeal efforts.
This legal push by Coinbase comes amid a broader struggle with U.S. regulators. The exchange, which has sought clear guidance on digital assets from the SEC since 2022, has become a focal point in the debate over how digital assets should be classified and regulated.
Other recent events in the SEC vs. Coinbase lawsuit include a petition filed by the SEC in September 2024, requesting an extension until February 2025 to produce discovery documents—these documents were initially due in October 2024.
In a separate development, a judicial panel criticized the SEC for failing to provide Coinbase with clear guidelines on digital assets.
Moreover, Coinbase recently filed a request for the court to compel the Commodity Futures Trading Commission (CFTC) to disclose communications with token issuers, which could help determine which digital assets should be classified as securities—a critical point of contention in Coinbase’s legal battle with the SEC.
As the court case progresses, the outcome could have sweeping implications for how digital asset transactions are treated under U.S. law.
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