Coinbase has been the one company in Crypto that tried very hard to never do anything illegal.
Get a new excuse already and stop blaming other people for how shit crypto is.
The SEC said that most cryptocurrencies are securities. That's their guidance, and explains what they need to do - register as a securities exchange.
They just don't like that answer and want a different one that suits them better.
When it came to their actual court filings, when it's time to put your money where your mouth is, they ... didn't really say much about a lack of guidance:
> We disagree that the majority of digital assets are securities. For those digital assets that are securities, registration under the current rules is, for many market participants, either not possible or not economically viable given the associated and unnecessary compliance burdens
i.e. "it's too much work, and/or not profitable for us".
The SEC isn't obligated to make securities/commodities trading profitable for exchanges.
While breaking the law.
Which of the assets listed were not reviewed and approved by *every* state in which said exchanges operate?
If there is no contract for future performance, can there be a securities contract?
Is this correct?: If there is no written contract, the state and defendants may refer to Statute of Frauds. (If there is no written contract for future performance valued at greater than like $500, defendant can motion to dismiss due to Statute of Frauds?).
Do the States and the SEC have any statuory duty to provide `def is_a_security(asset) -> bool` service; wherein securities are assessed according to the Howey Test and other case law pertaining to what constitutes a securities contract? Or only after 40+ states (n exchanges per asset per state) have reviewed each asset for list?