I get the strong sense of the latter. It’s not actually the SEC that decides what’s illegal or not - these charges they speak of are for the judicial branch to decide on. I don’t follow crypto much, but it sounds to me like there isn’t a legal ruling precedent yet for crypto securities (hence Coinbase’s broadcast lack of certainty), so how could the SEC even give a guidance as to what’s illegal or not when they don’t know yet? But it’s definitely their duty to find out and establish that legal precedent. Given Coinbase is thinking about moving out of the country, I suspect they actually do think it’s not going to go in their favor, and might be trying to publicly blame it on the SEC versus admit they could have an illegal business model. Even in that case, I don’t understand the complaint because they got a good run - if the SEC had been faster and clearer up front, that party may never have happened.
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