> Coinbase is not a bank and doesn’t have to play by these rules. Which is why this whole thing is such bullshit. Coinbase: Hey, SEC, we're just giving you a

> Coinbase is not a bank and doesn’t have to play by these rules. Which is why this whole thing is such bullshit. Coinbase: Hey, SEC, we're just giving you a heads-up that we're going to start doing something that's not in your jurisdiction. It's a loan! SEC: Oh, so you're doing banking? Coinbase: Nope, we're not a bank, we don't have to follow banking regulations. SEC: ...get back in here.