“The rulings that the SEC seeks to enchantment 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 gives and gross sales on crypto asset buying and selling platforms create an inexpensive expectation of earnings primarily based on the efforts of others? This authorized query is at difficulty in various pending circumstances, and a Second Circuit ruling may have ‘precedential worth,'” the submitting stated.