“The rulings that the SEC seeks to attraction had been authorized determinations concerning the existence of funding contracts primarily based on undisputed information. The undisputed information (e.g., Order at 23 (Programmatic Gross sales are ‘blind bid/ask transactions’)) current a authorized query – can an issuer’s gives 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 subject in a variety of pending circumstances, and a Second Circuit ruling could have ‘precedential worth,'” the submitting stated.
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