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

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