U.S. SEC: Adhering to the "ecosystem" view, digital asset purchasers are "buying something."
ChainCatcher news, Fox reporter Eleanor Terrett posted on the X platform that during the hearing on Kraken's motion to dismiss against the U.S. Securities and Exchange Commission (SEC), the SEC maintained its view of the "ecosystem" to indicate that digital asset purchasers are "buying something."
SEC lawyers urged Judge Orrick: not only to consider the contract but also to consider the overall "substance," such as promotional materials and statements from the issuer; he cited Kraken's website, which mentioned the "ecosystem."
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