Coinbase Asks Court to Reconsider Appeal

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Lawyers representing Coinbase are urging Judge Katherine Failla of the Southern District of New York to reconsider the interlocutory appeal that was filed by the exchange in April 2024.

The appeal was prompted by the Securities and Exchange Commission’s (SEC) recent notice of appeal in the ongoing Ripple lawsuit.

In a letter submitted on October 5, Coinbase’s attorneys argued that the SEC’s appeal is an acknowledgement that the Howey Test, a set of conditions used to define securities, is unclear and requires a more thorough examination.

They also emphasized that the appeal demonstrates the widespread impact of the Howey test and therefore calls for a comprehensive review of the case between the SEC and Coinbase.