I would love to see a substantive opinion from a federal judge applying the Howey test to an ICO. And from what I have seen, this particular case may be one of the better ones to use to give us that clarity.
But I’m also familiar with the billing practices of BigLaw and what going back and forth with the SEC entails. Unless they were chartering a private jet to fly their team to DC to hand-deliver every piece of correspondence to the Chairman, I have a very hard time believing they actually spent $5 million, even for Kirkland.
If they did, then that’s okay. But no one should contribute to the campaign until they disclose how they spent the first $5 million. Transparency is one of the hallmarks of the technology they now claim to rally behind. So they need to do some walking instead of just talking.