District Judge Katherine Polk Failla of United States District Court Southern District of New York has granted Coinbase’s motion for interlocutory appellation in their suit against the US Securities and Exchange Commission. ruling.
Judge Failla stated that parties are seeking clarity about an aspect of the case. “important legal issue,” Although they are a reputable company, “tussle” Which court is the best to use for clarification?
Coinbase is now able to appeal against the SEC’s accusations before the Second Circuit of US Court of Appeals. The court proceedings are halted pending a ruling on whether or not an investment contract is required to be backed by a contract.
An interlocutory appeal is a legal procedure allowing a party to appeal a trial court’s ruling while the case is ongoing.
The SEC has filed a suit against Coinbase in 2023 accusing them of providing unregistered financial instruments through their crypto offerings and stake program.
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Paul Grewal was the Chief Legal Officer of Coinbase. cheered The court won on X. He was also You can learn more about this by clicking here. The development of sports in terms
“The referee just stopped the clock on the field and is going to the replay booth in New York…”
Jake Chervinsky (chief legal officer at Variant Fund) described the announcement as “huge.” He added that the Second Circuit’s decision will clarify whether digital asset transactions in secondary markets are subject to securities laws.
Jeremy Hogan, a lawyer and partner at Hogan & Hogan, highlighted It is rare to see interlocutory appellations. They are a sign that the judge at trial thinks that there should be a check.
Additionally, Hogan said that Coinbase’s appeal is driven by the same central point of contention in the Ripple appeal in their legal battle against the SEC.
Marco Santori, Kraken’s chief legal officer, Congratulations Coinbase’s legal team and called the development a “big win for the whole ecosystem.”
Amanda Tuminelli is chief legal counsel at DeFi Education Fund. Call us today to learn more about our services. The decision to stop the litigation while Coinbase appeals before the Second Circuit is important.
She is also highlighted When Judge Failla made his decision, he considered that Blockchain Association’s amicus brief, which argued that distinguishing the offer and sale of crypto from that of commodities and collectibles could expand the SEC’s regulatory reach.
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