“But the SEC let us go public” and other flawed arguments in Coinbase's defense
I stopped reading the article when it started comparing cryptocurrency exchanges to the business of selling heroin. No matter your opinion on the issue, that&#x27;s just alarmist nonsense.<p>I agree that it&#x27;s reasonable to apply existing securities laws to cryptocurrency, and I agree that &quot;but they let us go public&quot; is a bad argument, but Gensler&#x27;s SEC has also been intentionally obtuse about how those securities laws should apply to cryptocurrency. It&#x27;s not a company&#x27;s job to go to court over ambiguous regulations, it&#x27;s the SEC&#x27;s job to actually research what they are regulating and put out a comprehensive framework for how they make their regulatory determinations, because the Howey Test is so subjective that it&#x27;s leaving companies guessing on the cutting edge of public programmable assets.<p>Look at the UK&#x27;s upcoming crypto bills for an example of commonsense regulation that protects consumers and is in everyone&#x27;s best interest. The contrast between it and the US&#x27;s approach is striking.