Coinbase Urges Court to Reconsider Appeal Citing SEC's Ripple Case Move

🔒 Coinbase's attorneys have asked a New York judge to reconsider their interlocutory appeal filed in April 2024, citing the SEC's recent appeal in the Ripple lawsuit. They argue that the SEC's action admits to ambiguity in the Howey Test criteria for classifying financial instruments as securities. Coinbase's legal team emphasizes the need for prompt appellate review, given the "industry-wide significance" of applying the Howey test to digital asset transactions.

📌 This move comes amid ongoing legal battles between Coinbase and the SEC, with recent developments including the SEC's request for an extension to produce discovery documents and Coinbase's petition for the CFTC to release communications with token issuers. The case continues to highlight the complexities surrounding cryptocurrency regulation and classification.