Coinbase lawyers have called on New York Southern District Judge Katherine Falia to reconsider the exchange’s April 2024 interim appeal. The request builds on the SEC’s latest notice of appeal in the Ripple case.

In the letter dated October 5, Coinbase lawyers argued that the SEC’s appeal acknowledged that the criteria set forth in the Howey Test were vague and warranted closer scrutiny. This suggests that the application of the Howey Test has “industry-wide significance.”

Coinbase’s legal team noted that the SEC’s appeal in the Ripple case highlighted uncertainties in the classification of digital asset transactions as securities. Attorney James Murphy said it was unusual that the court did not quickly rule on the interim appeal filed in April.

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