The United States’ biggest crypto exchange, Coinbase, has asked the Second Circuit to take on the interlocutory appeal in its intense legal battle with the Securities and Exchange Commission (SEC). Coinbase most recently bagged a legal victory against the SEC in the crypto rulemaking petition that started way back in 2022. The US Court of Appeals for the Third Circuit blasted the SEC for denying the exchange’s appeal. Coinbase intensifies legal battle with SEC Coinbase’s Chief Legal Officer, Paul Grewal, in a post mentioned that after decades of appellate precedent, it is being confirmed that an “investment contract” requires something contractual. He added that the Circuit can provide some urgent guidance over the matter of the foundational question of law. Grewal stated that there are a lot of details that can be found in the filing. He asserts that Coinbase exchange did not trigger the federal securities law. He also maintained that “Coinbase does not list securities.” He further brought up the district court’s acknowledgment of the issues that Coinbase raised . The exchange presented a clear question of law and ground for differences of opinion. Grewal hinted that after years of building uncertainty, they have a chance to put these questions to rest once and for all. Last week the district court acknowledged that the issues we raised present a “clear and controlling question of law” and “substantial ground for difference of opinion.” And now after years of uncertainty, we finally have the chance to put this question to bed once and for all.… — paulgrewal.eth (@iampaulgrewal) January 17, 2025 Grewal highlighted that this lingering question has affected the crypto industry for years and has limited innovation. This has also held back the sector from creating a fairer economic system for everyone. He suggested that with clarity the industry can move forward while focusing on protecting consumers. Coinbase shares soar 20% Coinbase has seen a constant surge in its share price over the last year, with COIN’s price gaining 137% during this time. It gained another 20% in the last 5 days to trade at an average price of $295.48. This surge is mainly linked to the regulatory clarity it received over time. The exchange’s CEO Brian Armstrong also advocated for Bitcoin Strategic reserves . In a blog post, he suggested nations establish Bitcoin reserves to hedge against inflation. He wrote that the next global arms race will be in the digital economy, not space. Armstrong added that he sees BTC playing a role as pivotal as gold in shaping global dynamics. Coinbase spent over $45 million supporting crypto-friendly lawmakers during the 2024 elections and donated $1 million to President-elect Trump’s inauguration fund. Bitcoin has gained a significant 51% over the last 90 days, trading at an average price of $104,293 as of press time. Land a High-Paying Web3 Job in 90 Days: The Ultimate Roadmap
