Coinbase has petitioned the U.S. Second Circuit Court of Appeals to clarify whether cryptocurrency trades fall under federal securities laws, arguing that the case is crucial for the crypto industry and consumers. The company contends that its platform’s transactions do not meet the criteria of the Howey test, as buyers and sellers remain anonymous in a blind bid-ask system. Additionally, Coinbase claims recent FDIC letters to banks indicate a coordinated effort to restrict the crypto sector’s access to banking services, likening it to “Operation Choke Point 2.0.”
about Coinbase Seeks Court Ruling on Cryptocurrency as Non-Securities Status