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Coinbase's in-Man Emails Are Not Dispositive of Anything
The SEC is kind of shown their hand. They don't think either is security. But very clearly, they don't want to deal with this in court. There's no precedent for exactly what is this process by which non-securities can become securities. So if it's a continuum, which is essentially what is being implied here, that there's a continuum between security and non-security, then where is the continuum? How do you draw the continuum? Where do things fall? And I think this will be the shape of the argument that is going to find its way into these cases that ultimately are going to get litigated.