Major Victory For Crypto Industry As Judge Halts SEC’s Lawsuit Against Coinbase ⋆ ZyCrypto
The post Major Victory For Crypto Industry As Judge Halts SEC’s Lawsuit Against Coinbase ⋆ ZyCrypto appeared on BitcoinEthereumNews.com.
Advertisement     America’s leading crypto exchange Coinbase has managed to score a massive legal win in its longstanding brawl with Gary Gensler’s Securities and Exchange Commission (SEC). Coinbase has been granted permission to pursue a rare interlocutory appeal while pausing the rest of the case, a move crypto leaders are already hailing as a major victory. Judge Grants Coinbase’s Request For Interlocutory Appeal In a Jan. 7 filing, Judge Katherine Polk Failla of the Southern District of New York granted an appeal of an order denying Coinbase’s motion for judgment. Judge Failla noted the clash in rulings from the federal judges overseeing the SEC’s civil cases against Ripple and Terraform Labs on similar questions and determined that “conflicting decisions on an important legal issue necessitate the Second Circuit’s guidance.” The District Judge ordered all proceedings in the legal battle between the securities watchdog and the leading U.S. exchange be stayed until the Second Circuit ruled on an interlocutory appeal over the order. At the heart of the case is whether “certain transactions involving crypto-assets qualified as investment contracts within the SEC’s regulatory purview” — i.e., as securities. Judge Failla said she is granting the April 2024 request “because it presents a controlling question of law regarding the reach and application of Howey to crypto-assets, about which there is substantial ground for difference of opinion, and the resolution of which would advance the ultimate termination of the SEC’s enforcement action.” Advertisement   An immediate interlocutory appeal would “materially advance” the termination of the litigation because a significant portion of the regulator’s claims against Coinbase might be dismissed, the judge added. “We appreciate the court’s careful consideration,” Coinbase Chief Legal Officer Paul Grewal said in a post on Twitter (aka X). “On to the Second Circuit, we go.” The SEC lodged…
Filed under: News - @ January 8, 2025 4:25 pm