🎉Big Blockchain Event! The U.S. Securities and Exchange Commission (SEC) has rejected Coinbase's interlocutory appeal! 🙅‍♂️Coinbase filed an interlocutory appeal last month after a judge allowed litigation involving the SEC and the platform to proceed. In its appeal, Coinbase argued that there was a disagreement around the 1946 U.S. Supreme Court's Howey test, which is used to determine whether an asset meets the criteria of an investment contract and is therefore a security.

However, the SEC countered on Friday, saying that "there is no substantial disagreement." The SEC further stated that "it is clear that Coinbase does not like Howey and the current securities regulatory framework and has decided to arrange its business affairs in a way that may make it costly to comply with existing laws. But Coinbase's decision to do so, and its desire to rewrite decades of established legal precedent that is consistent with its own policy objectives and business needs, does not constitute sufficient reason to prematurely certify the appeal in this case."

Interlocutory appeals are usually filed before the end of the process and are unlikely to be approved. The SEC attempted to file an interlocutory appeal in its case against Ripple last year, but it was ultimately rejected. The regulatory dynamics of the blockchain industry are still developing, so let's wait and see! 👀