It seems pretty apparent that there are two options for a company that wants to offer this product: - Offer it as a bank, while complying with the regulations

It seems pretty apparent that there are two options for a company that wants to offer this product: - Offer it as a bank, while complying with the regulations for being a bank, OR - Offer it as a security, while complying with the regulations for offering securities. My read on this blog post is that Coinbase is trying to get out of the securities option by kinda pretending to be the banking option, but without actually complying with or falling under the jurisdiction of banking regulations. Is that about right?