[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.

[tehlike]

Which part of howey do you think Coinbase earn(not staking, but the product offered by Coinbase themselves) doesn't satisfy and is therefore not a security?

I made it explicit between staking (you staking your own money) and doing it through Coinbase.

[humanizersequel]

> not staking, but the product offered by Coinbase themselves

But the product Coinbase offers is staking.

[tehlike]

You are missing the nuance.

You can go ahead and try staking your money yourself on the protocol. But do it through coinbase equation changes.

Also coinbase earn does defi yield (which is more clear cut securities), but i am in mexico now, and can't tell if this were the case in the US or i am seeing geofenced content.

[humanizersequel]

AFAICT (and I suppose it's possible I'm missing something), here in the US there is nothing on Coinbase Earn besides staking.

>do it through coinbase equation changes

Why? It's still just staking.

[tehlike]

I'm back in US

There's DEFI yield in US. https://www.coinbase.com/earn?filter=DEFI

[humanizersequel]

I clicked on the top 5 of that list and every single one is staking.