Coinbase Appeals SEC Crypto Asset Rules, Seeking Supreme Court Clarity

Coinbase filed for an interlocutory appeal to challenge if an asset without issuer obligations can be an investment contract regulated by the SEC
The appeal would ask a higher court to review the SEC's use of the Howey test on crypto assets
Coinbase argues the SEC's stance has left a murky understanding of what makes a digital asset a security
The appeal is a longshot but could eventually lead to a Supreme Court ruling settling if crypto transactions are securities
The appeal stays the broader SEC case against Coinbase as it moves towards trial, being a decisive battle over crypto regulation