The GraniteShares 2x Long Coinbase Daily ETF (CONL) closed up 0.9% at $48.22 on January 22, 2025, as Coinbase Inc. seeks federal court guidance in a landmark crypto case. Coinbase's appeal to the Second Circuit Court of Appeals aims to clarify whether trades on its platform fall under federal securities laws, a move that could significantly impact the regulatory landscape for the crypto industry. The case, which originated in June 2023 when the SEC accused Coinbase of operating as an unregistered securities broker, has gained attention as it challenges the application of the Howey test to digital token trades. The outcome could either limit the SEC's regulatory reach or affirm its authority, with broader implications for innovation and regulation in the crypto space. The SEC, under the Trump administration, has shown a shift towards creating a clear regulatory framework, moving away from the previous enforcement-heavy approach.