Coinbase has initiated a significant legal maneuver against the U.S. Securities and Exchange Commission (SEC) by filing for an interlocutory appeal in federal court, as reported by Jesse Hamilton. This strategic move aims to challenge a pivotal legal aspect of their ongoing dispute, specifically questioning the SEC's authority to classify digital asset transactions as investment contracts. Coinbase's appeal seeks to clarify whether an 'investment contract' necessitates a contractual obligation, a point on which the SEC holds a differing opinion. The appeal, which references Judge Failla's recent order and Judge Rakoff's denial in the context of Coinbase's Motion to Dismiss the SEC's case, suggests a precedent for such a legal challenge. If granted, this appeal could suspend the original trial proceedings, potentially reshaping the regulatory landscape for cryptocurrencies in the U.S.