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Highlights
- Coinbase's interlocutory appeal against US SEC now granted by Judge Failla
- The securities suit is now referred to the second circuit Court of Appeals
- Coinbase has taken frontline role in fighting "bad-faith" regulators
American cryptocurrency exchange Coinbase Global Inc has once again scored a big win in its ongoing legal battle against the US Securities and Exchange Commission (SEC). In a recent update from CLO Paul Grewal, the court, presided over by Judge Catherine Polk Failla has granted its request for an interlocutory appeal. This case borders on the charges filed by the US SEC that Coinbase facilitated the trading of crypto asset securities.
The Coinbase Victory Against US SEC At a Glance
According to Order from Judge Failla, the request for interlocutory appeal from Coinbase is now granted. This decision marks a major deviation from an earlier rejection of the exchange’s argument that assets on its platform do not constitute investment contract.
As contained in latest summary judgement, Judge Failla initially ruled against the trading platform in a prelim judgement that came on March 27 2024. The Court at the time noted that it considered the prongs of the Howey Test based on the review.
Coinbase objected to the ruling as it flagged some blanket representations of the Howey Test that do not apply to its product offering. After this, Judge Failla gave both parties a lengthy discovery period that before this latest order.
Following this order, the case will now proceed to the Second Circuit Court of Appeals with proceedings set to come in coming weeks. Pending that time, Judge Failla ordered a stay on all proceedings regarding the case
Coinbase and Fight Against Establishment
Meanwhile, the exchange scored another major win against the U.S FDIC recently. The FDIC suit hinges on request for documents based on the Freedom of Information Act (FOIA). The trading platform made attempt to uncover the FDIC’s overreach in choking out crypto firms in the banking system.
Following the discoveries, the exchange now have evidence that the FDIC tried to kill Bitcoin transactions in the United States.
Beyond the FDIC, Coinbase also have a separate legal battle with the US SEC. The exchange filed this lawsuit against the regulator as it sought to understand its rulemaking standards. The fight against the US Federal agencies marks a continuous one for Coinbase which has filed several Amicus Briefs in legal battles against the SEC.
More Proactive Advocacy Approach
Beyond legal battles, Coinbase also plays a frontline role in shaping policy in Washington. The trading platform remains one of the biggest donors to Crypto Super PAC Fairshake. Fairshake’s influence was evident in the last election cycle.
Coinbase CEO Brian Armstrong also advocated against Caroline Crenshaw as a returning commissioner to the US SEC. The exchange’s CEO believes Sen Crenshaw is anti-crypto, an opinion held by other members of community.
The Armstrong demand came to pass as the Senate hearing for Crenshaw was canceled.
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