Coinbase has petitioned the U.S. Second Circuit Court of Appeals to have secondary crypto transactions deemed not securities.

A federal appeals court says the U.S. Securities and Exchange Commission needs to better explain why it turned down a request from Coinbase to develop regulations to cover the booming crypto asset sector.

The United States’ biggest crypto exchange, Coinbase, has asked the Second Circuit to take on the interlocutory appeal in its intense legal battle with the

Coinbase asks Second Circuit to rule token trades aren’t securities, challenging SEC’s authority in regulating crypto transactions.

In a Tuesday filing, lawyers for Coinbase argued that their case offered “the single best opportunity” to decide how to regulate secondary crypto trading.

Roughly a year after Coinbase filed an appeal over the SEC’s denial to create rules on digital assets for industry players, the Third Circuit granted the exchange a partial win.