TechFlow news, according to TheBlock, the U.S. Securities and Exchange Commission (SEC) stated that Coinbase's move to appeal to regulators should be rejected.
Last month, after a judge decided to allow litigation involving the SEC and the platform to proceed without dismissal, Coinbase filed an interlocutory appeal. In its appeal, Coinbase claimed there was disagreement over the Howey Test—the 1946 U.S. Supreme Court case frequently cited by the SEC to determine whether an asset qualifies as an investment contract, and thus as a security.
On Friday, the SEC countered that "there is no substantial ground for difference of opinion." The SEC also stated in its filing: "More broadly, Coinbase plainly dislikes the Howey test and the current securities regulatory framework, and it has chosen to structure its business affairs in a way that could make compliance with existing laws unduly costly." Interlocutory appeals filed before the conclusion of litigation are unlikely to be granted.
