Coinbase filed a motion to appeal a judge's decision last month that said a case involving the SEC and the exchange would not be dismissed.
Coinbase filed a motion to appeal a judge's decision last month decision made last month, which allowed a lawsuit involving the Securities and Exchange Commission and the exchange to proceed without being dismissed.
It is unlikely that an interlocutory appeal, which is filed before the end of a proceeding, will be approved. The SEC tried to file an interlocutory appeal in its case against Ripple last year but was ultimately rejected. In last month's decision, Judge Katherine Polk Failla of New York disagreed with Coinbase's point that investment contracts need a formal contract.
Coinbase is requesting that Judge Failla grant them permission to appeal. Should the appeal be allowed to proceed, the remainder of the case would be put on hold in the trial court. The exchange would then await a resolution from the Second Circuit "to resolve this conundrum," the same source said. Next, the case proceeds to trial and will be presented to a jury, though the process wouldn't likely start until 2025. The SEC and Coinbase would also have to submit a proposed case management plan before April 19.
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