According to a source, Coinbase has filed a middle appeal, claiming sufficient reasons for disagreement. Last month, Coinbase filed a motion to appeal the judge's ruling, allowing lawsuits involving the US Securities and Exchange Commission (SEC) and exchanges to continue without being dismissed. In the motion, the exchange will argue whether the SEC has the authority to review digital asset transactions as investment contracts, even if there is no contract between the issuer and the investor.

Last year, Coinbase was sued by the SEC for allegedly acting as an unregistered exchange, broker, and clearinghouse. The regulatory agency also questioned Coinbase's custody and wallet services.