In the very next paragraph she explains the analogy: > These three functions — bringing together securities orders for buyers and sellers, trading securities

In the very next paragraph she explains the analogy: > These three functions — bringing together securities orders for buyers and sellers, trading securities on behalf of others, and intermediating trades — are typically required to be separate due to conflicts of interest that emerge when one entity controls all of them. She is saying it is like Heroin. >> >The company could decide the FDA was wrong... > But why would they decide this? Since Heroin is, again, illegal. She is pointing out how absurb it is that Coinbase has decided the SEC is wrong (about the separation of roles) since - as you point out - not having the separation of roles is illegal.