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They have set clear rules, just not ones that Coinbase likes.

Can you explain what those rules are wrt crypto?

in order to learn more about them, the term to look for is "securities law"

I assume you aren't asking that person to "explain" all of securities law in a HN comment

But SEC refused to categorize crypto as securities

I'm sorry, I'm not familiar with the history, did they explicitly say that crypto were not securities?

explicitly saying they are is not necessary for them to be.