The SEC's Interpretation of Coinbase's Argument

Coinbase are arguing that the 13 tokens named by the SEC in their case are substantially similar to Ripple's XRP and should have the same result from howie analysis. This would mean of course that sales conducted through Coinbase's exchange should not be considered the sale of securities. The major questions doctrine or MQD holds that administrative bodies such as regulators like the SEC require explicit guidance from Congress when tackling issues which have a major impact on the US economy. It was recently used to strike down the Biden administration's student loan forgiveness program as it exceeded the authority of the White House.