Why is SEC supposed to do the job of Coinbase's lawyers? If I want to make a shitcoin tomorrow and ask the SEC for "regulatory clarity", are they required to respond to me? What if I programmatically create a new shitcoin every 30 seconds? Am I also allowed to cook up some substances and mail them to the DEA to get some "regulatory clarity"?
Coinbase does business in a legally unclear area, which is why its primary expense should be lawyers. You can't just skimp on that and expect government agencies to do your work for you. If you try that, good luck defending yourself in court.
