“The rulings that the SEC seeks to attraction had been authorized determinations in regards to the existence of funding contracts primarily based on undisputed details. The undisputed details (e.g., Order at 23 (Programmatic Gross sales are ‘blind bid/ask transactions’)) current a authorized query – can an issuer’s affords and gross sales on crypto asset buying and selling platforms create an affordable expectation of earnings primarily based on the efforts of others? This authorized query is at challenge in various pending instances, and a Second Circuit ruling could have ‘precedential worth,'” the submitting stated.
