The Second Circuit agreed with Coinbase and certified the interlocutory appeal, explaining that the conflicting decisions regarding whether digital assets qualify as investment contracts necessitated appellate guidance. The court noted that the conflict between Ripple and Terraform demonstrates a "fundamental difficulty" of applying Howey to digital assets, which is a "difficult legal issue of first impression for the Second Circuit." The certification of Coinbase's interlocutory appeal is significant because it will be the first time a federal appellate court assesses whether cryptocurrency transactions qualify as investment contracts and are therefore subject to securities laws. The Future of Digital Assets and Securities Laws Is Rapidly Changing The SEC's newly established cryptocurrency task force, along with a 30% decline in enforcement actions in 2024, signals a significant shift toward establishing comprehensive regulatory guidelines for cryptocurrency.