[Lawyer: U.S. SEC Crypto Guidance Fails to Address Key Issues, Subjectivity Remains in Defining Termination of Investment Contracts] According to crypto journalist Eleanor Terrett, securities lawyers have stated that the U.S. Securities and Exchange Commission's (SEC) interpretive guidance on how federal securities laws apply to crypto assets still contains significant subjectivity regarding when a token's investment contract terminates, leaving key issues unresolved. This is critical because, in most cases, violations of securities laws are subject to strict liability principles, meaning violations can be determined without proving subjective fault.