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

Odaily Planet Daily News Coinbase Chief Legal Officer Paul Grewal said in a post on X: "We have asked the Second Circuit to accept our temporary appeal. Decades of appeal precedents have confirmed that "investment contracts" need to have contractual content. The Circuit Court can provide some much-needed guidance on this basic legal issue. There are a lot of details in the document, but simply put, transactions on the Coinbase platform will not violate federal securities laws. As I have repeatedly said, Coinbase does not list securities. Last week, the district court acknowledged that the questions we raised raised "clear and controlling legal issues" and "substantive reasons for differences of opinion." After years of uncertainty, we finally have the opportunity to solve this problem once and for all. This lingering problem has plagued our industry for many years, limiting potential technological innovations and services that could have created a fairer economic system for everyone. Clarifying the problem can drive us forward so that we can promote innovation and growth while focusing on protecting consumers." Previously, the U.S. Third Circuit Court approved Coinbase's mandatory writ and ordered the SEC to re-examine the petition for crypto rulemaking.