The Securities and Exchange Commission (SEC) is working towards resolving its lawsuit against crypto exchange Coinbase, with its new crypto task force potentially playing a role. The lawsuit, filed in 2023, was referred to the Second Circuit for an interlocutory appeal. The key question to be resolved is whether intermediated crypto transactions involve investment contracts. If so, crypto exchanges would be facilitating securities transactions. A ruling from the Second Circuit would provide more clarity and precedent for future cases. However, a definitive crypto policy stance from the SEC may also be preferable, although industry opposition is a possibility. The resolution of the lawsuit and its implications are still uncertain.



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