“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 alternate, and since the worth that Coinbase purchasers obtain by means of these transactions inheres within the issues purchased and traded relatively than within the companies that generated them, the transactions should not securities transactions.”
