I see we're still dancing this same stupid dance. Step 1: Invent something that looks exactly identical to something that is regulated. Step 2: Claim it should be regulated differently. Step 3: Act like the victim when the SEC doesn't play your dumb game.

This whole thing has been silly, coinbase has been making this disingenuous argument for years now that they want "regulatory clarity" around crypto, but when that clarity turns out to be "We already have rules maybe you should follow them" they act all surprised. At the end of the day it's very simple, crypto that complies with the law isn't really a thing anyone needs.