The point here is that if the SEC is letting illegal businesses go public, it is doing really badly at it's job. If that is the case, it might be legal for the

The point here is that if the SEC is letting illegal businesses go public, it is doing really badly at it's job. If that is the case, it might be legal for the SEC to act that way, it would not make coinbase legal (permission to go public is not a get-out-of-jail-free card), but it would be really really damning for SEC leadership. It would be like a cop giving a speeding ticket to a kidnapper and then letting them go because he's "just on traffic duty". That would be perfectly legal, that would not make kidnapping ok, but I'd still fire the cop for gross gross negligence.