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Coinbase files ‘interim appeal’ in SEC case

Coinbase files ‘interim appeal’ in SEC case
Snapshot
Brian Armstrong's Coinbase crypto exchange files an appeal in the SEC case against it to address the question of whether a cryptocurrency is a security. Credit: Rita Fortunato
By
Mark Nacinovich
  • Coinbase files an appeal on the security issue that is at the heart of the SEC's lawsuit against the exchange.
  • Craig Wright drops his defamation suit in Norway against Marcus Granath, aka Hodlonaut.
  • Winklevoss twins invest $4.5 million worth of Bitcoin in British soccer team.

Coinbase files appeal to federal court on security issue

Crypto exchange Coinbase filed an interim appeal to a federal court in New York to try to settle the question of whether a cryptocurrency that trades on a secondary markets is truly an investment contract, or a security.

That issue is the core of the US Securities and Exchange Commission’s lawsuit against Coinbase that alleges the exchange sold unregistered securities in violation of US law.

On Friday, Coinbase filed what is called an “interlocutory appeal” in the US District Court for the Southern District of New York, arguing that the issue of whether cryptocurrencies that trade on exchanges meet the definition of a security is murky, CoinDesk reported.

An interim appeal is a chance for a court to decide on one issue in a lawsuit while the overall case proceeds.

The SEC sued Coinbase last June, and the agency scored a legal victory las month, when a judge ruled that the case could go forward in a jury trial.

Craig Wright drops defamation suit

Craig Wright, the computer scientist from Australia who claims that he is Satoshi Nakamoto, the inventor of Bitcoin, dropped a defamation suit in Norway against Marcus Granath, who is known by his screen name on X, Hodlonaut.

In 2019, Hodlonaut called Wright a “fraud,” “mentally ill,” and a “pathetic scammer” on posts on X that have since been deleted, according to cryptonews.com. Wright subsequently sued Granath for defamation.

In 2022, a court in Norway ruled in Granath’s favor, saying that Wright had insufficient evidence to prove that he is Satoshi, the pseudonymous creator of Bitcoin.

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Wright appealed that decision, but now has dropped his appeal.

Winklevoss twins invest $4.5m in bitcoin in British soccer team

Cameron and Tyler Winklevoss, early backers of Bitcoin, have invested $4.5 million worth of bitcoin in Real Bedford Football Club, a small U.K. soccer team, according to CNBC.

Real Bedford is owned by Bitcoin investor and podcaster Peter McCormac.

The Winklevoss twins, who own the Gemini crypto exchange, say this is the first soccer team that is powered by Bitcoin.

The pair initially rose to fame for suing Mark Zuckerberg, claiming Zuckerberg stole their idea for Facebook.

Crypto market movers

  • Bitcoin is down 4.5% on Saturday at $67.630.
  • Ethereum is down 8.2% Saturday at $3,220.

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