UNITED STATES COURT OF APPEALS FOR THE THIRD CIRCUIT

No. 23-3202

COINBASE, INC.,

Petitioner

v.

SECURITIES AND EXCHANGE COMMISSION

On Petition for Review of Securities and Exchange Commission Order (No. 4-789)

_____________________________

Argued on September 23, 2024

Before: BIBAS, FREEMAN, and AMBRO, Circuit Judges

(Filed January 13, 2025) Eugene Scalia [ARGUED] Jonathan C. Bond D. Nicholas Harper GIBSON, DUNN & CRUTCHER LLP 1050 Connecticut Avenue, NW Washington, DC 20036 Counsel for Petitioner Tracey A. Hardin David D. Lisitza Ezekiel L. Hill [ARGUED] SECURITIES AND EXCHANGE COMMISSION 100 F Street, NE Washington, DC 20549 Counsel for Respondent Kyle D. Hawkins LEHOTSKY KELLER COHN LLP 408 West 11th Street 5th Floor Austin, TX 78701 Counsel for Amicus-Petitioner Paradigm Oper- ations LP Jeremy M. Creelan Kayvan B. Sadeghi JENNER & BLOCK LLP 1155 Avenue of the Americas New York, NY 10036 Michelle Kallen STEPTOE LLP 1330 Connecticut A