The U.S. Securities and Exchange Commission rebuffed Coinbase’s bid to seek Second Circuit Court of Appeals review on applying securities regulations to cryptocurrencies. Coinbase, the major U.S. crypto exchange, questioned if the Howey Test should be used for digital assets, crucial to the SEC’s accusations of unregistered operations. The SEC argued against Coinbase’s attempt to create new legal tests, awaiting Judge Failla’s decision on the motion.
