It's not clear because their words don't match their actions. The SEC says they are securities but then refuses to regulate them like securities. If they are s

It's not clear because their words don't match their actions. The SEC says they are securities but then refuses to regulate them like securities. If they are securities then they should allow Coinbase to register them. If they are not securities then they should not allow Coinbase to register them. But instead they say yes, they are securities and you have to register them, but no we won't let you register them, and we are going to take legal action against you because you didn't do the thing we told you to do and you tried to do, but we didn't let you. The SEC is clearly acting in bad faith.