The SEC isn't saying that crypto is a security. It's saying that some crypto tokens are securities, and that Coinbase is trading at least one of those tokens.

The SEC isn't saying that crypto is a security. It's saying that some crypto tokens are securities, and that Coinbase is trading at least one of those tokens. It doesn't matter how much Coinbase wants a particular token to not be a security, or whether they had 30 meetings, or 300 meetings where they ask for that token to not be a security. If it passes the Howie test, it's a security.