United

April

The U.S. Securities and Exchange Commission (SEC) has strongly opposed cryptocurrency exchange Coinbase’s request for an interlocutory appeal, accusing the exchange of trying to manipulate the interpretation of a “controlling question” in the ongoing lawsuit.
In a May 10<a href="https://storage.courtlistener.com/recap/gov.uscourts.nysd.599908/gov.uscourts.nysd.599908.125.0.pdf" rel="noopener noreferrer nofollow"> filing</a> with the United States District Court for the Southern District of New York, the SEC stated that Coinbase’s attempts to manipulate the question for appeal are self-defeating.
<h2 id="span-style-font-weight-400-sec-explains-its-case-span">SEC Explains its Case</h2>
The agency reiterated that Coinbase’s opposition stems from its dissatisfaction with the Howey Test, the SEC’s standard for determining what constitutes a security, and its reluctance to adhere to existing securities regulations.
The SEC’s response came after<a href="https://thecoinrise.com/coinbase-seeks-interlocutory-appeal-amid-legal-battle-with-sec/" rel="noopener noreferrer nofollow"> Coinbase filed an interlocutory appeal on April 12</a>, arguing that an investment contract cannot exist without a post-sale obligation. Coinbase claimed that whether such an obligation exists is a controlling question that could significantly impact the outcome of the case.
<h3 id="span-style-font-weight-400-defining-a-controlling-question-span">Defining a Controlling Question</h3>
However, the SEC disputed Coinbase’s assertion, alleging that the exchange is attempting to define a controlling question without providing a clear explanation of what constitutes a “contractual undertaking.”
The SEC pointed out that in the past eighty years, no court has required “contractual undertakings” after a sale, undermining Coinbase’s argument. It emphasized that interlocutory review is not warranted simply because Coinbase proposes a new legal test and disagrees with the<a href="https://thecoinrise.com/binance-vs-sec-judge-to-decide-whether-crypto-is-security/" rel="noopener noreferrer nofollow"> court’s rejection of that test</a>.
<h2 id="span-style-font-weight-400-rewriting-an-established-legal-precedent-span">Rewriting an Established Legal Precedent</h2>
The agency accused Coinbase of trying to rewrite established legal precedent to suit its own policy goals and business needs, providing no compelling reason to certify an appeal prematurely.
The<a href="https://thecoinrise.com/coinbase-vs-sec-crypto-lawyer-files-amicus-brief/" rel="noopener noreferrer nofollow"> SEC initially sued Coinbase in June 2023</a>, alleging that the exchange violated federal securities laws by listing 13 tokens it considered securities.&nbsp;
<h3 id="span-style-font-weight-400-sec-vs-coinbase-span">SEC vs. Coinbase</h3>
Coinbase argued that the transactions on its platform should not be considered securities, contending that they fall outside SEC regulations. However, the SEC maintained that at least some of the transactions on Coinbase’s platform constitute “investment contracts,” which are recognized as securities under federal securities laws.
The<a href="https://thecoinrise.com/coinbase-seeks-court-review-in-sec-lawsuit/" rel="noopener noreferrer nofollow"> ongoing legal battle between Coinbase and the SEC</a> underscores the broader regulatory uncertainty surrounding the classification of cryptocurrencies and their trading platforms. As the case progresses, it is likely to have significant implications for the crypto industry and its regulatory landscape in the United States.
The post <a href="https://thecoinrise.com/sec-opposes-coinbases-interlocutory-appeal-details/" rel="noopener noreferrer nofollow">SEC Opposes Coinbase’s Interlocutory Appeal: Details</a> appeared first on <a href="https://thecoinrise.com" rel="noopener noreferrer nofollow">Latest News and Insights on Blockchain, Cryptocurrency, and Investing</a>.

SEC Opposes Coinbase’s Interlocutory Appeal: Details

목차

TheCoinrise Media

2024년 5월 11일에 게재된 다른 기사

More Bitcoin bleeding ahead; BTC faces significant rejection as bears take control

Tron DeFi On Fire: Ecosystem Surges Past $21 Billion Milestone

Bitgert Coin’s Promising Future: Insights Into Its Prospective Upside

SHIB Bags Second Place in MarketVector’s Meme Coin Index; What’s Next?

Crypto Whale Watch: Top 5 Gaming Tokens on Whales Radar—Are They Worth Buying?

5 Best Cheap Crypto to Buy Now Under 1 Dollar May 11 – Ethena, Tron, Ankr, Pepe

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!