Leon Neal/Getty Images News
Coinbase Global (NASDAQ:COIN) announced late Friday that it has filed an appeal in a federal court challenging a key legal point that allowed its case against the U.S. Securities and Exchange Commission (SEC) to move forward last month.
In a so-called interlocutory appeal, the cryptocurrency exchange asked the court to weigh in on whether the SEC can consider a digital asset transaction as an investment contract, a resolution that would have industry-wide implications.
This uncertainty has been a major overhang for businesses like Coinbase (COIN) and has impacted the overall growth of the digital asset industry.
If granted, the U.S. Court of Appeals for the Second Circuit will review a major legal argument that the SEC made to convince a U.S. District Court judge in New York last month to throw out the company’s case before trial.
“Coinbase will continue to push for clarity for the entire industry and the 52 million Americans who own digital assets,” Chief Legal Officer of Coinbase (COIN) Paul Grewal wrote in an X post late Friday.