Crypto exchange Coinbase has filed a petition with the Second Circuit Court of Appeals in the US, seeking clarification on whether crypto trading on its platform should be subject to securities laws. The exchange argued that secondary crypto transactions don't meet the criteria of the Howey test, which determines what qualifies as an investment contract. The petition comes after the Southern District of New York issued a stay on the US Securities and Exchange Commission's case against Coinbase, allowing the exchange time to appeal. The SEC's case will be put on hold pending the outcome.



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