Legal institutions ask the U.S. Supreme Court to review the criteria for determining investment contracts.

The Investor Choice Advocates Network and law firm Paul Hastings have petitioned the U.S. Supreme Court to clarify the test for what constitutes an investment contract, filing on behalf of three sales agents. The petition asks whether pre-sale asset selection, evaluation and pricing alone can make an asset a security, or whether buyers must expect profits from post-sale management by others. ICAN says federal circuit courts are split on the question, which could affect how securities law applies to digital assets, art and precious metals. The filing was disclosed on November 10, and the Supreme Court has not yet decided whether to take the case. The outcome could reshape how tokens and other assets are classified under U.S. securities law, with the Court's certiorari decision the next thing to watch.