Sure. They don't review background. They don't go looking around for crimes. But if you straight up tell them "hey SEC, I'm breaking the law" you expect me t

Sure. They don't review background. They don't go looking around for crimes. But if you straight up tell them "hey SEC, I'm breaking the law" you expect me to believe that they will actually just ignore it and approve? And that's exactly what Coinbase did in it's S-1, if you believe the theory that the SEC has always considered Coinbase to be an illegal operation. Like do you really believe that if you filed an S-1 with the SEC that said "we raise money from investors and use the proceeds to pay distributions to previous investors" that the SEC would say "sure, whatever, go ahead and IPO your ponzi scheme. We don't review background." Because I sure don't.