Tactically, the SEC is doing the right thing. The law is Howey, not whatever justification for prosecution the SEC offers. Coinbase is trying to solicit from

Tactically, the SEC is doing the right thing. The law is Howey, not whatever justification for prosecution the SEC offers. Coinbase is trying to solicit from the SEC a different legal standard from Howey that Coinbase then can then divide by half, quibble over, nitpick, or whatever, all for the purpose of undermining the regulator and hamstringing the prosecution. It's a silly lawyer trick to gain ... American football analogy ... a step in a footrace with the regulator ... which might allow Coinbase to delay or blunt the complete spectrum of consequences that would follow from a wilfull, knowing, and intentional violation of securities law. It's chess, and a version that lawyers generally don't play on such a large and open stage. The fact that Coinbase has chosen to do so looks like a 'caution' flag raising the question in my mind of why they would feel the need to do this. And to some extent I'm speculating.