Haynes Boone Partner Arie Heijkoop spoke with Blockworks after crypto exchange Coinbase referenced the SEC’s appeal, urging the court to grant its own motion for interlocutory appeal from earlier this year.
Heijkoop said the appeals court should take into account the facts of each case as it considers both. A ruling on each appeal — which in this case would be made by the same court — would go a long way to determine how digital assets should be treated under current US securities laws.
“And given that the SEC has not shown a willingness to provide official regulation or guidance on these matters, having it settled through litigation seems to be the way to get any clarification with this SEC administration,” he said.
The court’s decision to grant the appeal motion or not will ultimately depend on how much appetite it has for this clash, Heijkoop added.
“The judges will have to decide whether there is enough in all the pleadings and filings before it to make a big decision that could ultimately steer the industry,” he said. “Or whether they want to see the battle develop and play out further."
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