[joefigura]

Coinbase's position is that that ICO was not an investment contract. Not everything called an ICO is an invetment contract - the point of that SEC page is to provide guidance on when an ICO is an investment contract. Coinbase's lawyers have certainly given that document a skim, they reference it here where they talk about securities law:

https://help.coinbase.com/en/coinbase/privacy-and-security/o...

There is a disagreement of fact - Coinbase says they don't list any securities, and the SEC claims they do and are violating securities law, without providing any specifics. Assuming the SEC goes forward, a court will have to decide.