“When a buyer purchases a token on Coinbase’s platform, she is not only buying a token, which in and of itself is worthless; reasonably, she is shopping for into the token’s digital ecosystem, the expansion of which is essentially tied to worth of the token,” she mentioned. “That is evidenced by, amongst others, the details that (i) preliminary coin choices are engineered to have resale worth within the secondary markets and (ii) crypto-asset issuers proceed to publicize their plans to develop and assist the token’s blockchain lengthy after its preliminary providing.”
