[VWWHFSfQ]

First of all, not everything can be reduced to the absolute most simplistic of metaphors like you're trying to do.

Second,

> Last month, the SEC issued Coinbase with a Wells notice, which is often one of the final steps before the regulator formally issues charges. It generally lays out the framework of the regulatory argument and offers the potentially accused an opportunity to rebut the SEC’s claims.

It sounds like Coinbase has gotten the answers they were looking for, they just don't like it.

[dlubarov]

It doesn't seem like Coinbase has received such answers, they just know that some sort of enforcement action is coming. As per the article, "[Armstrong says] the company has not got any more information on the specific issues the SEC has".

E.g. here's Gensler refusing to answer whether the SEC considers ETH a security - https://twitter.com/sassal0x/status/1648338351832064003