1/ The court just decided Coinbase's motion for judgment on the pleadings.

Overall, it's a win for the SEC.

There are positives: it's great for DeFi that Wallet isn't a broker, and there's good language on other issues like Howey's "investment of money" prong.

(link to the opinion at the end of this thread)

3/ This is a disappointing outcome, especially since hopes ran high after oral argument in January.

But it's only the beginning — not the end — of the SEC's case against Coinbase specifically, as well as its campaign to attack crypto generally.

We all live to fight another day.

The 84-page opinion:
https://www.courtlistener.com/docket/67478179/105/securities-and-exchange-commission-v-coinbase-inc/

2/ However, the court sided with the SEC (incorrectly, imo) on several issues at the heart of Coinbase's argument.

For example, the court ignores the "contract" in "investment contract" and says Howey applies to purely secondary market transactions.

It also adopts the SEC's "ecosystem" theory of common enterprise.