[humanizersequel]

Because it isn't clear the product is a security at all. Coinbase earn is an IT service where Coinbase (or a contractor representing them) interacts with a protocol on your behalf in exchange for a cut of the proceeds.

[tehlike]

https://archive.ph/RX8aj

[humanizersequel]

I have read this article, and to the best of my recollection it contains zero discussion of Coinbase's Earn product.

[tehlike]

Then read also this: https://archive.ph/KueXO

PArt of Coinbase earn is defi yield(aka lending), part of it is crypto staking.

I also suggest you to read howey yest and make your own conclusions.

[humanizersequel]

>PArt of Coinbase earn is defi yield(aka lending), part of it is crypto staking.

Wrong. Nothing currently implemented in Coinbase Earn could be reasonably considered "lending". The article you linked is 2 years old and about Coinbase's prospective "Lend" product — which, as I understand it, never launched, perhaps because of a Wells notice submitted in 2021. This statement is about the one they've received more recently "regarding an unspecified portion of our listed digital assets, our staking service Coinbase Earn, Coinbase Prime, and Coinbase Wallet":

https://www.coinbase.com/blog/we-asked-the-sec-for-reasonabl...

[tehlike]

> regarding an unspecified portion of our listed digital assets

I believe that's the first link. Most (if not exactly 100% of them) cryptocurrencies are securities as per howey test. Tron in particular, matt levine calls out, is clearly securities, among other things. Coinbase also listed a lot of other tokens that were also clearly securities.

I don't know why this is not clear.

[humanizersequel]

Whether or not Coinbase is operating a securities exchange (they obviously are, despite the fact that I don't necessarily agree that "most" cryptocurrencies they list being securities by any reasonable application of the Howey test), and whether Coinbase Earn ("the product") is a security, are two distinct questions.