The SEC Might Treat Crypto Like Company Stocks: Lawyer

Bill Morgan, a lawyer who likes crypto, says the SEC wants to treat all crypto like normal company stocks. He feels the SEC is watching not just crypto exchanges but also the people making crypto tools.

Morgan talked on X about Amanda Tuminelli from DeFi Education Fund. She told the court about the differences between Coinbase, a big crypto exchange, and normal stock brokers in the SEC vs. Coinbase case.

Tuminelli said Coinbase isn't just an exchange, it also makes software and provides IT services. She wants the court to think about how their choice affects other tech people in the crypto world.

She explained that making crypto tools is not the same as being a broker, who helps with buying and selling stocks. Coinbase's tools let users manage their own crypto without acting like a middleman.

Coinbase's tools don't control people's money, and they don't mix money from different users. Also, you don't open an account with them like in a bank.

The main point is that only the users decide what to do with their crypto. Coinbase's tools just help users talk to the crypto network.

Lastly, DeFi Education Fund believes that Coinbase's Staking Program isn't like offering company stocks because Coinbase just helps, similar to a tech support service.