On this case, the company mentioned that regardless of MNGO’s labeling as a “governance token,” it “was bought and bought as a crypto asset safety.” Its holders had expectations of revenue and “entered into a standard enterprise” – two of the components the SEC appears to be like for in figuring out funding contracts that fall beneath securities legal guidelines. And holders of MNGO can use their tokens to vote in selections governing Mango Markets’ operations, the company mentioned.

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