Coinbase has filed for an interlocutory appeal as part of its ongoing legal battle with the SEC, seeking to address a key legal question.

The appeal focuses on defining 'investment contract' in the context of cryptocurrency transactions.

Coinbase's action challenges the SEC's regulatory approach and underscores the broader crypto industry's demand for clear regulations.

The company's chief legal officer, Paul Grewal, underscores the significance of the appeal for both Coinbase and the wider crypto sector.

The appeal's outcome is highly significant given the total cryptocurrency market capitalization of $2.239 trillion.