[fxd123]

> And Coinbase's position is that none of the crypto assets it lists meet that test

Because the aspect that the SEC is going after is not any crypto asset it lists- it's Coinbase Earn. Staking-as-a-service products are securities according to the SEC [1]

> The SEC will need to tell Coinbase specifically what it believes they are doing wrong

That's not the purpose of a Wells notice

> For digital assets that do look like securities, the SEC provides no way to register them

This is just completely false. There are digital securities currently registered with the SEC. You can register digital securities with Form 10. Most notably, I'm sure you've heard about those ICO's that were previously punished by the SEC for being an unregistered security... they were just fined and forced to register- they now exist as registered securities. [2]

[1] https://www.pymnts.com/cryptocurrency/2022/secs-gensler-says...

[2] https://www.sec.gov/news/public-statement/digital-asset-secu...