Coinbase is once again pursuing an appeal to the SEC, citing lawmakers’ FIT21 vote.
Cryptocurrency exchange Coinbase is seeking to appeal a judge’s ruling in a case involving the U.S. Securities and Exchange Commission (SEC) for the second time, pointing to developments in Congress last week.
In conclusion short In requesting an interim appeal posted on Friday, the exchange noted differences in how lawmakers and the SEC view their jurisdiction over cryptocurrencies.
Coinbase said in a recent briefing that “legislators’ differences of opinion over the SEC’s position have deepened,” adding, “This week, the U.S. House of Representatives bipartisanly approved comprehensive digital asset legislation that rejects the SEC’s claimed broad jurisdiction.” revealed.
Last week, the U.S. House of Representatives voted The Republican-led Financial Innovation and Technology for the 21st Century Act (also known as FIT21) needs a 279-136 vote to pass. 71 Democratic lawmakers voted in support of the bill, including former House Speaker Nancy Pelosi (D-Calif.). The bill would give the Commodity Futures Trading Commission more power and funding to oversee cryptocurrency spot markets and “digital goods,” particularly Bitcoin.
Although the bill is unlikely to become law this year, some in the cryptocurrency industry saw the House vote as a shift in the political winds in their favor.
The charm of Coinbase
Coinbase was the first to submit a consent form. appeal After New York Judge Katherine Polk Failla disagreed. Coinbase’s argument is that investment contracts require a formal contract. When a customer purchases a token from Coinbase, they are not just purchasing a token, but a “digital ecosystem of tokens,” Failla said.
The main question the exchange seeks to appeal is ““The question is whether the SEC can regulate digital asset transactions that do not involve anything contractual as ‘investment contracts,’” Grewal said. post On Friday
The SEC said Coinbase’s motion to appeal should be dismissed.
Next, Judge Failla will decide whether the appeal request can go to court. The U.S. Court of Appeals for the Second Circuit must also agree to hear the appeal.
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