Yes it does ! The SEC told them already several times that their products are securities, it's just that Coinbase ignored it completely. As for the reason why

Yes it does ! The SEC told them already several times that their products are securities, it's just that Coinbase ignored it completely. As for the reason why usually the SEC (although I'm no expert here) don't provide a specific definition, I suppose it's similar to regulating financial markets - especially in trading. There are concepts like "spoofing", for which there is no exact definition provided by the regulator - for the simple reason that if they do provide it, the rational actors will push it to the limits, or try to find loopholes. Everybody knows what they can or cannot do - it's just common sense.