In a latest development, Coinbase Global Inc has scored another major victory in its ongoing legal battle against the US SEC. Coinbase CLO Paul Grewal shared in a latest X-post that the court, led by Judge Catherine Polk Failla, approved Coinbase’s request for summary judgment. The case involves charges from the US SEC accusing Coinbase of facilitating the trading of crypto assets.
“After strong objection from @SECGov, Judge Failla GRANTED our request for leave to file summary proceedings and DISMISSED the lawsuit in District Court. We appreciate the careful consideration by the Court.” Grewal shared. “On to the second circuit we go.” he added.
Eleanor Terrett, a journalist for Fox Business, emphasized that this is an important legal victory for Coinbase. She noted that Judge Failla granted the company a rare preliminary appeal, allowing Coinbase to appeal to the Second Circuit Court.
This is in response to the SEC’s allegations that Coinbase violates federal securities laws by operating as an unregistered exchange and broker-dealer, and by engaging in the illegal sale of unregistered securities through its staking program. In addition, Judge Failla ruled that the court proceedings will be stayed while the appeal is heard.
This decision is important because it conflicts with an earlier ruling that rejected the exchange’s argument that its assets are not investment contracts.
The case will now move to the Second Circuit Court of Appeals in January. In addition, the exchange recently won a lawsuit against the US FDIC based on a request for documents under the Freedom of Information Act (FOIA).
Credit : coinpedia.org
