A federal court in New York has certified an order for interlocutory appeal in the U.S. Securities and Exchange Commission’s (SEC) case against Coinbase Inc., advancing a key legal question regarding whether crypto assets qualify as securities.

On Jan. 7, Judge Katherine Polk Failla of the U.S. District Court for the Southern District of New York ruled in favor of Coinbase, allowing the crypto exchange to seek appellate review of the issue. The judge also stayed the ongoing district court proceedings until the U.S. Court of Appeals for the Second Circuit decides whether to hear the appeal. Paul Grewal, Coinbase’s chief legal officer, reacted to the ruling, stating on social media platform X:

Over the strenuous objection of SEC, Judge Failla has granted our motion for leave to pursue an interlocutory appeal and stayed the district court litigation. We appreciate the Court’s careful consideration.

This comes after the SEC alleged Coinbase was operating as an unregistered securities exchange, broker, and clearing agency by facilitating crypto-asset transactions. In March 2024, Judge Failla partially denied Coinbase’s motion for judgment on the pleadings, holding that some transactions on its platform met the criteria of investment contracts under the Howey test. Coinbase has since pushed for early appellate review, citing the need for clarity on the application of securities laws to digital assets.

Ryan VanGrack, Coinbase’s VP of Legal, highlighted the significance of the decision, explaining: “Last April, we requested permission to file an ‘interlocutory appeal,’ or an early appeal. Today, Judge Failla granted our motion and paused the entire case until the Second Circuit Court of Appeals makes its decision whether to hear our appeal.” He emphasized:

This is a big deal — it’s rare for a district court to grant such a motion.

He added that Judge Failla acknowledged the “fundamental difficulty of applying Howey to crypto transactions.” The outcome of the appeal could have wide-reaching implications for the crypto industry, as appellate judges would address the core legal issues underpinning regulatory enforcement actions against digital asset platforms.

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