Deep Tide TechFlow reported on November 13 that, according to an announcement by investor rights organization Investor Choice Advocates Network (ICAN), the organization and law firm Paul Hastings, representing three sales agents, have asked the U.S. Supreme Court to review the standard for determining whether an investment contract exists.

The petition asks whether a seller’s pre-sale work selecting, evaluating, and pricing assets can, by itself, make those assets securities, or whether buyers must expect to profit from the post-sale managerial efforts of others. ICAN says the federal courts of appeals are divided on this issue, which could affect how securities laws apply to assets such as digital assets, art, and precious metals.

The application was published on November 10, and the Supreme Court has not yet decided whether to accept it.