U.S. SEC: The court should deny Coinbase's appeal request

ChainCatcher News, the U.S. Securities and Exchange Commission stated that Coinbase's appeal regarding its case with the regulator should be denied. Last month, Coinbase submitted an interlocutory appeal after a judge's decision allowed the lawsuit involving the SEC and the platform to proceed without being dismissed. In the appeal, Coinbase claimed there is a disagreement regarding the Howey test, a frequently cited case by the SEC from the U.S. Supreme Court in 1946, used to determine whether an asset meets the criteria of an investment contract and thus qualifies as a security.

The SEC rebutted on Friday, stating that "there is no substantial disagreement of opinion."

The SEC also stated in its filed documents: "More broadly, it is clear that Coinbase does not like Howey and the current securities regulatory framework, and has decided to arrange its business affairs in a way that may make compliance with existing laws costly. However, Coinbase has chosen to do so, and its desire to rewrite decades of established legal precedent to fit its own policy goals and business needs does not constitute sufficient grounds for an interlocutory appeal in this case." Interlocutory appeals are typically made before the conclusion of proceedings and are unlikely to be granted.