“The rulings that the SEC seeks to enchantment have been authorized determinations concerning the existence of funding contracts based mostly on undisputed info. The undisputed info (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 based mostly on the efforts of others? This authorized query is at subject in numerous pending circumstances, and a Second Circuit ruling may have ‘precedential worth,'” the submitting stated.
