I don’t think your guess is correct. Working with regulators means you fill out a form, then 3–6 months later they send some questions. You spend one day to ans

I don’t think your guess is correct. Working with regulators means you fill out a form, then 3–6 months later they send some questions. You spend one day to answer them and ask a few of your own, then send it back. 3–6 months later you get another list of questions. Some of those questions are identical to the last pass. You spend one day answering and… rinse and repeat for a few years. From what I gather the SEC just ignored Coinbase’s questions in this back-and-forth.