SEC Rebuts Coinbase’s Attempt to Get Appeals Court to Answer Key Crypto Question

Coinbase, the largest U.S. crypto exchange, filed for permission to ask the Second Circuit Court of Appeals if the Howey Test, a longstanding Supreme Court assessment for securities, should apply to digital assets. Coinbase hopes it doesn’t.

Coinbase hasn’t successfully argued this is needed, the U.S. Securities and Exchange Commission said Friday.

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In its filing, the SEC argued that Coinbase was trying to create a “new legal test” for how crypto might fit into existing securities precedent that a district court judge had already rejected.

Source: SEC Rebuts Coinbase’s (COIN) Attempt to Get Appeals Court to Answer Key Crypto Question