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The Coin Rise 2025-01-08 08:13:23

Coinbase Scores Small Victory in Legal Battle Against SEC as Court Grants Appeal

Coinbase Scores Small Victory in Legal Battle Against SEC as Court Grants Appeal

Coinbase, the prominent cryptocurrency exchange, achieved a notable win in its ongoing legal battle against the U.S. Securities and Exchange Commission (SEC). On January 7, Judge Katherine Failla of the U.S. District Court for the Southern District of New York granted an interlocutory appeal in the case , staying all proceedings until the Second Circuit Court reviews the appeal. Coinbase Achieves Notable Win The case centers on the SEC’s allegation that certain cryptocurrency transactions on Coinbase’s platform qualify as investment contracts, placing them under securities regulations. Judge Failla acknowledged the possibility of reversing her earlier interpretation of investment contracts based on the Howey test, a legal standard used to determine what constitutes a security. She highlighted conflicting judicial decisions in similar SEC cases involving Ripple Labs and Terraform Labs. “Although the Court does not appreciate Coinbase’s criticisms of the SEC’s approach, the conflicting decisions on such an important legal issue necessitate guidance from the Second Circuit,” Judge Failla remarked. The SEC initially filed its lawsuit against Coinbase in June 2023, accusing the exchange of operating as an unregistered securities exchange, broker, and clearing agency since 2019. The crypto industry has long criticized SEC Chair Gary Gensler’s regulatory approach , calling it overly aggressive and detrimental to innovation. Politics and Changing Leadership Coinbase has been proactive in shaping the political landscape around cryptocurrency. In the 2024 U.S. elections, the exchange, alongside Ripple, contributed over $90 million to the political action committee Fairshake , which supported pro-crypto candidates in Congress. Following Donald Trump’s victory in the presidential election, Coinbase’s Chief Legal Officer Paul Grewal urged the SEC to revise its stance on digital assets. In a January 7 social media post, Grewal expressed appreciation for the court’s decision, stating the importance of regulatory clarity for the industry. Gensler, who announced his resignation as SEC Chair effective January 20, will leave behind an agency facing significant changes. Commissioner Jaime Lizárraga’s impending departure before Trump’s inauguration could result in an understaffed SEC, potentially altering its enforcement priorities in the crypto space. The post Coinbase Scores Small Victory in Legal Battle Against SEC as Court Grants Appeal appeared first on TheCoinrise.com .

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