Summary
SEC only needs to prove one of 13 Crypto-Assets offered as security by Coinbase for it to be operating an unregistered exchange.
Key Points
1. The SEC only needs to establish that one of the 13 Crypto-Assets is being offered and sold as a security in order to prevail on its claims.
2. Coinbase has intermediated transactions related to these Crypto-Assets, potentially operating an unregistered exchange, broker, or clearing agency.
3. The outcome of the case will hinge on whether the SEC can prove that Coinbase’s actions regarding these Crypto-Assets constitute securities violations.