Coinbase, the leading U.S. exchange, wants to use the Securities and Exchange Commission's appeal in the Ripple case to its advantage.
In a recent letter, the exchange asked Judge Failla to grant its request for an interlocutory appeal.
Legal analyst James Murphy (also known as "MetaLawMan") described Coinbase's latest move as "smart." Murphy is convinced that the SEC's recent appeal could bolster the exchange's own case against the regulator. It is worth noting that Judge Failla has yet to rule on Coinbase's motion despite the fact that it was filed all the way back in April.
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Coinbase argues that its motion should be granted since it will ensure that the U.S. Court of Appeals for the Second Circuit should have "a full account of legal and practical implications" of the agency's litigation position.
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Last month, the SEC apologized for causing some confusion in the Binance case by using the term "crypto asset security." This fact was also mentioned in Coinbase's most recent letter.
Coinbase previously attempted to dismiss the SEC's lawsuit, but its effort was rejected by Judge Failla. The court ruled that the agency had a "plausible" case against the leading crypto trading platform.
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The exchange filed the interlocutory appeal to determine whether or not cryptocurrencies with no obligation to their original issuer can be classified as investment contacts by the agency. Coinbase specifically wanted an appellate court to address this pressing issue that could potentially reshape the cryptocurrency industry.
However, the SEC argued that granting Coinbase's appeal request would actually reduce the institutional efficiency of the federal judiciary instead of increasing it. The agency argued that the adjudication of the issue would be delayed due to Coinbase's appeal.
However, after the SEC filed an appeal in the Ripple case, Coinbase believes that its effort might be successful.
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