In documents submitted to the US Southern District Court of New York, the SEC argued that, according to the committee's guidance, the issue of whether cryptocurrencies qualify as securities is "a legal issue to be determined by the court, not by a jury." The SEC claims that the question of whether certain cryptocurrencies in the Terraform Labs case meet the standards for securities under the Howey test (the SEC's standard for determining what qualifies as a security) has sparked discussion, and SEC lawyers have asked the judge to determine whether certain digital assets are securities, rather than leaving it to a jury to decide.