Coinbase can guide a guidance from the second round of the Court of Appeal to determine whether the SEC complaint is valid. SEC first submitted a complaint to Coinbase in 2023 and worked as an unregistered mediation in violation of the Federal Securities Law.
Coinbase has temporarily suspended the undergoing court lawsuit to the US Securities and Exchange Commission (SEC), and has been temporarily appealed.
According to the submission, Judge Katherine Pork Filira in the southern part of New York has acknowledged the joy of the Cryptomatic Exchange.
SEC, who filed a complaint on June 6, 2023, argued that Coinbase was “in the operation of unregistered securities companies, exchanges, and liquidation agencies in violation of the Federal Securities Law.”
This latest submission means that Coinbase can proceed to the second round of the Appeal Court, receive guidance, and determine whether SEC complaints are valid.
Paul Grewal, the coinbase chief, writes as follows. Thank you for the careful consideration of the court. I’m going to the second round area. “
Regarding @secgov’s intense opposition, Judge Faila has allowed a vacation for vacation to pursue a dialogue, and maintained the District Court lawsuit. Thank you for the careful consideration of the court. I’m going to the second round area. pic.twitter.com/fuz2jcyvfff
-Paulgrewal.eth (@iampaulgrewal) January 7, 2025
SEC VS. Coin base
With this latest movement, the round trip between the two seems to be approaching the end.
Following the SEC complaint in 2023, Coinbase submitted the answer in late June and tried to reject a lawsuit for lack of merit.
In a 177 report, Coinbase claimed that the SEC accusation was based on the claim that 12 of the 12 cryptographic token traded on the exchange was securities. However, if SEC allowed COINBASE to publish, six of the 12 cipher assets had already been traded.
As a result, Coinbase claimed that the lawsuit should be rejected because the institution did not categorize any encryption assets as securities.
In December 2023, the SEC denied the rules enacted petition by Coinbase. According to Gary Gensler, SEC Chair, “existing laws and regulations apply to the cryptographic securities market. 。
Following this, Judge Filer reported that the SEC lawsuit against the coin base had declared that it had denied a petition for a replacement to proceed to the claims and rejected the lawsuit.
In September, SEC submitted a claim for an extension from the court and gave time to provide important documents to Coinbase. Recently, Coinbase has obtained a SEC documents on how securities law is applied to cryptocurrency in search of the court’s intervention.
According to the Fox Business News reporter Eleanor Terrett, this is a “big legal victory” for Coinbase, according to the latest judge’s ruling.