The SEC is evading the real issue, and the court was wrong to take its side, Coinbase claims in a defense of its interlocutory appeal.
Coinbase has leaned heavily into case law in its latest volley against the United States Securities and Exchange Commission (SEC) and has come to a rare conclusion: "the SEC seeks to side-step the [Howey] test.”
Coinbase filed a memorandum in support of its interlocutory appeal—an appeal against a single ruling in an ongoing case—on May 24. The document is a response to the SEC’s opposition to its original request for such an appeal. Coinbase filed its interlocutory appeal on April 12 disputing a March 27 ruling that the SEC had shown sufficient grounds to claim the cryptocurrency exchange’s staking program was an unregistered securities offering.
Related: Coinbase Wallet triumph over SEC allegations is a ‘giant win’ for DeFi
