Yes, but the statement you make above is in general for staking. Not staking as offered by Coinbase. My comment above clarifies that the specific details of how the staking is implemented matter, at least with respect to Security's law.
My non-lawyer interpretation is that, indeed, centralized staking offerings like Coinbase seem to fit the Howey test criteria and are at risk of being deemed a security offering. But not all staking is.
My non-lawyer interpretation is that, indeed, centralized staking offerings like Coinbase seem to fit the Howey test criteria and are at risk of being deemed a security offering. But not all staking is.