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While some are still holding out hope that the incoming Trump-era SEC will wave its magic wand and dismiss pending lawsuits against several cryptocurrency companies, Coinbase just scored a win.
Stock exchange that SEC File a lawsuit in 2023Yesterday, she won her proposal for... Preliminary appeal On whether cryptoassets constitute investment contracts. The ruling does not constitute the end of the case. But it would require the Second Circuit to consider the issue, which, as Coinbase said, “could not be more urgent” in the “several pending cases... across the country.”
Judge Katherine Polk Failla ordered Coinbase to grant preliminary notice attractiveness a movement:
“The issue at hand is more than just how to apply Howey (on which the Court agrees there is a broad body of case law); the issue at hand is how to apply Howey to crypto-asset transactions, in the context of the surrounding digital ecosystems. This is a difficult legal question with an impression Preliminary for the Second Circuit – More than just disagreement with court order.
In other words, Failla believes the legal question at hand — how and whether crypto assets should be subject to securities laws — is too big not to be considered at the appellate level.
Failla has ordered a stay of proceedings until the interlocutory appeal is resolved, which could take months, if not longer. The 2nd Circuit's ruling carries more weight than the district-level orders we've seen in recent months, many of which contradict each other.
An expensive and time-consuming legal battle for Coinbase could be exactly what the industry is looking for... assuming things go their way, of course.
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