Page 7 of 40 (d) The digital asset is offered broadly to potential purchasers as compared to being targeted to expected users of the goods or services or those who have a need for the functionality of the asset; (e) There is little apparent correlation between the offering price of the digital asset and the market price of the particular goods or services that can be acquired in exchange for the digital asset; (f) A promoter or third party has raised an amount of funds in excess of what may be needed to establish a functional network or digital asset; (g) A promoter or third party is able to benefit as a result of holding the same class of digital assets as those being distributed to the public; (h) A promoter or third party continues to expend funds from proceeds or operations to enhance the functionality or value of the network or digital asset; and (i) The digital asset is marketed, directly or indirectly, using the expertise of a promoter or third party, based on the future (and not present) functionality of the digital asset, based on promises to build a business or operation versus currently available goods, and promising appreciation in value. Case 2:22-cv-10208-RHC-JJCG ECF No. 1, PageID.7 Filed 02/01/22 Page 7 of 40
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