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

Odaily News Paul Grewal, chief legal officer of Coinbase, said in a post on X: “We have asked the Second Circuit to accept our interim appeal. Decades of appellate precedent have confirmed that an ‘investment contract’ requires content of a contractual nature. The Circuit Court can provide some much-needed guidance on this basic legal issue.
There are a lot of details in the filing, but in short, transactions on the Coinbase platform do not violate the federal securities laws. As I have said repeatedly, Coinbase does not list securities.
Last week, the District Court acknowledged that the issues we raised raise ‘clear and controlling questions of law’ and ‘substantial grounds for disagreement.’ After years of uncertainty, we finally have the opportunity to resolve this issue once and for all.
This lingering problem has plagued our industry for years, limiting potential technology innovations and services that could create a fairer economy for everyone. Clarifying the problem can move us forward so we can foster innovation and growth while focusing on protecting consumers.”
Earlier news, the U.S. Third Circuit Court approved Coinbase's injunction, ordering the SEC to review the petition for crypto rule-making.