Coinbase's Chief Legal Officer has filed a provisional appeal against the SEC in the Second Circuit Court

On January 19, Paul Grewal, Chief Legal Officer of Coinbase, wrote in X: "We have asked the Second Circuit to hear our provisional appeal. Decades of appellate precedent confirm that'investment contracts' require content of a contractual nature. The Circuit Court can provide some much-needed guidance on this fundamental legal issue. There are many details in the document, but in simple terms, transactions on the Coinbase platform do not violate federal securities laws. As I have said repeatedly, Coinbase does not list securities.
Last week, the district court acknowledged that the issues we raised raise'clear and controlling legal issues' and'substantial reasons for disagreement. 'After years of uncertainty, we finally have a chance to resolve this issue once and for all. This lingering issue has plagued our industry for years, limiting potential technological innovations and services that could have created a fairer economic system for everyone. Clarity of issues can move us forward so we can foster innovation and growth while focusing on protecting consumers. "