“The rulings that the SEC seeks to attraction have been authorized determinations in regards to the existence of funding contracts based mostly 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 presents and gross sales on crypto asset buying and selling platforms create an affordable expectation of income based mostly on the efforts of others? This authorized query is at subject in plenty of pending instances, and a Second Circuit ruling can have ‘precedential worth,'” the filing said.
