(a) Investment of Money in Common Enterprise Acts that the SEC complaint argues meet this element of the test include: (b) Reasonable Expectation of Profits from the Efforts of Others The SEC found alleges that the following facts demonstrate a reasonable expectation of profit from the efforts of management: Coinbase & Industry Response Coinbase has publicly argued that the SEC's actions are inappropriately causing confusion regarding whether commodities or securities laws applies to crypto assets. As part of its response to these developments, the company published a petition to the SEC requesting a set of "workable" rules that would apply to "digital asset securities." According to Coinbase, the SEC is usurping regulatory authority rightly or more properly exercised by the CFTC. Its view is grounded in the company's position that Coinbase the crypto assets listed on its platform are commodities (and not securities).