> Why didn't Coinbase just register everything non-Bitcoin? Would that have someone limited/destroyed its business model in the way the quote above suggests? C

> Why didn't Coinbase just register everything non-Bitcoin? Would that have someone limited/destroyed its business model in the way the quote above suggests? Coinbase wouldn't be the one to register the security - the company offering the security would be the one registering it. Coinbase may have some securities of its own - but it is unlikely that it would be able to provide the necessary information for much of them or take on the necessary responsibilities for providing the auditing. https://www.investor.gov/introduction-investing/investing-basics/glossary/registration-under-securities-act-1933 https://www.investor.gov/introduction-investing/investing-ba... The registration forms a company files with the SEC provide significant information, including: A description of the company's properties and business; A description of the security to be offered for sale; Information about the management of the company; and Financial statements certified by independent accountants. https://www.americanbar.org/groups/business_law/resources/business-law-today/2017-april/what-constitutes-a-security-and-requirements-relating-to-the-off/ https://www.americanbar.org/groups/business_law/resources/bu... > In order to register a security under the Securities Act, a company must file a registration statement with the SEC. Typically the type of registration statement used for an initial public offering will be a Form S-1 Registration Statement (Form S-1). A Form S-1 includes two parts (Part I and Part II). Part I is the prospectus, the legal offering or “selling” document. In the prospectus, the “issuer” of the securities must describe in the prospectus important facts about its business operations, financial condition, results of operations, risk factors, and management. It must also include audited financial statements. The prospectus must be delivered to everyone who buys the securities, as well as anyone who is made an offer to purchase the securities. Part II contains additional information that an issuer does not have to deliver to investors but must file with the SEC, such as copies of material contracts, signatures of management and other representations. Most organizations providing cryptocurrency based securities are unable or unwilling to provide the required information.