Coinbase has filed a so-called interlocutory appeal in federal court to challenge just a single legal point at the heart of its dispute with the U.S. Securities and Exchange Commission.
Coinbase is seeking to rip the bandage off of a legal impasse at the center of the crypto industry's fight with the U.S. Securities and Exchange Commission , filing an interim appeal on Friday that would ask a higher federal court to drill into the heart of the regulator's stance on digital assets, even as the broader SEC case proceeds through the judicial system.
Coinbase argued in its appeal request that the use of the so-called Howey test on cryptocurrency assets by the SEC has left a murky understanding of what makes a security. Such appeals are typically longshots, as the SEC found out when it filed a similar one in its own case against Ripple and was denied. But if it were granted, the question could move the industry one step closer to what could eventually be a U.S. Supreme Court ruling that settles the matter permanently.
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