Coinbase Chief Legal Officer: A temporary appeal has been filed against the U.S. SEC in the Second Circuit Court of Appeals

ChainCatcher news, Coinbase Chief Legal Officer Paul Grewal posted on X: "We have requested the Second Circuit Court to hear our emergency appeal. Decades of appellate precedent confirm that 'investment contracts' must contain contractual elements. The circuit court can provide much-needed guidance on this fundamental legal issue.

There are many details in the document, but simply put, transactions on the Coinbase platform do not violate federal securities laws. As I have repeatedly stated, Coinbase does not list securities.

Last week, the district court acknowledged that the questions we raised presented 'clear and controlling legal issues' and 'substantial reasons for disagreement.' After years of uncertainty, we finally have the opportunity to resolve this issue once and for all.

This lingering issue has plagued our industry for years, limiting potential technological innovations and services that could create a fairer economic system for everyone. Clarifying the issue can propel us forward so that we can foster innovation and growth while focusing on protecting consumers."