I guess they are indirectly saying that if they are not under any other regulation (which they know they aren't), they will have to be treated as a security. T

I guess they are indirectly saying that if they are not under any other regulation (which they know they aren't), they will have to be treated as a security. They are expecting Coinbase to show them who is regulating them. If they don't do it, they must be sued.