The judge also rejected claims the lawsuit seeks to apply U.S. securities laws to conduct that occurred overseas. Although a Swiss foundation oversaw the initial coin offering [ICO], Seeborg found the Breitmans' development of key elements for the project took place in California, and that marketing for the offering almost exclusively targeted U.S. investors.

In rejecting the extraterritorial argument, Seeborg also noted the lead plaintiff initiated his investment transaction on a website hosted on a server in Arizona, and that his contribution of the digital currency Ethereum was "validated by a network of global `nodes' clustered more densely in the United States than in any other country."

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