The SEC urged the court to grant the appeal and “stay further proceedings” until it has been resolved.
“The SEC respectfully requests certification for appellate review now because the issues raised by the Court’s order on summary judgment present precisely the kinds of ‘knotty legal problems’ that led Congress to provide for interlocutory review.”under SEC guidelines, particularly when distributed via programmatic sales .
The SEC suggested that this is down to there being a legal gray area as to whether certain crypto assets fall under the classification of investment contracts via the Howey Test or not, as it highlighted court proceedings from other cases. “While interlocutory appeal should be the exception, not the rule, this is the unusual case where the Defendants themselves say that the issues have industry-wide significance and are of special consequence, and thus is precisely the type of case as to which the Second Circuit has invited interlocutory appeal.”
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