Nikhilesh De is CoinDesk's managing editor for global policy and regulation. He owns marginal amounts of bitcoin and ether.
U.S. regulators said an appeals court shouldn't heed Coinbase's request to review how – or if – conventional securities rules apply to cryptocurrencies.to ask the Second Circuit Court of Appeals if the Howey Test, a longstanding Supreme Court assessment for securities, should apply to digital assets. Coinbase hopes it doesn't.
The question lurks at the center of the SEC's accusation that Coinbase operates as an unregistered broker, exchange and clearinghouse in the U.S. If some cryptocurrencies are securities – thus meeting the Howey Test – that means Coinbase needed to get the SEC's blessing before letting customers trade them, according to regulators.
The filing went on to argue that Coinbase hadn't successfully argued that there was a"controlling question" in its filing.
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