“Like all securities, an financial association can qualify as an funding contract provided that it includes an ongoing enterprise enterprise whose administration owes enforceable obligations to buyers. Absent such obligations, the contract is simply an asset sale,” Coinbase argued. “As a result of no such obligations are carried within the transactions over Coinbase’s secondary market change, and since the worth that Coinbase purchasers obtain via these transactions inheres within the issues purchased and traded somewhat than within the companies that generated them, the transactions will not be securities transactions.”
