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“The rulings that the SEC seeks to attraction have been authorized determinations concerning 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 presents and gross sales on crypto asset buying and selling platforms create an affordable expectation of income primarily based on the efforts of others? This authorized query is at difficulty in quite a lot of pending circumstances, and a Second Circuit ruling could have ‘precedential worth,'” the submitting stated.
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