I think it comes down to one simple thing: Is there sufficient securities and disclosures in place for the financial vehicle (which looks a LOT like a bond). S

I think it comes down to one simple thing: Is there sufficient securities and disclosures in place for the financial vehicle (which looks a LOT like a bond). Saying "hey why can't we do what all those other (unregulated) exchanges are doing!!" is not a valid argument in the eyes of a regulator. I don't think any of coinbase's current clientele would be using coinbase if it wasn't a regulated compliant solution. You make your bed and you sleep in it.