Kristoffer Krohn, the promotor of Green United, is seeking to appeal a lawsuit filed by the SEC regarding an alleged $18 million crypto mining fraud scheme. He argues that the SEC incorrectly applied securities laws, particularly in its claim that the sale of equipment constituted the sale of unregistered securities. Krohn insists that buyers of the firm’s mining equipment did not participate in a 'common enterprise' as defined by the Howey test, which is used to determine investment contracts. A Utah federal court had previously agreed with the SEC's stance, ruling that the SEC had adequately alleged the existence of unregistered securities. Krohn's appeal asks for a resolution from the Tenth Circuit Appeals Court to clarify the legal definitions involved before advancing to a full trial. He contends that Green Box purchasers had no rights to profits from the company's operations, underscoring that the transactions were primarily sales of hardware rather than securities. If successful, this appeal could set a precedent regarding the definition of investment contracts in cryptocurrency dealings.

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