“The parties do not dispute that, to prevail on its claims, the SEC need only establish that at least one of these 13 Crypto-Assets is being offered and sold as a security, and that Coinbase has intermediated transactions relating therewith, such that transacting in that Crypto-Asset would amount to operating an unregistered exchange, broker or clearing agency,” the order said.
![What a Judge Said About the SEC’s Suit Against Coinbase What a Judge Said About the SEC’s Suit Against Coinbase](https://www.coindesk.com/resizer/1kOETz4GdMVCn2kFUIIyEAjXi4I=/1200x628/center/middle/cloudfront-us-east-1.images.arcpublishing.com/coindesk/WRJFKVPZAJBETOLVR3ZZMPOXW4.jpg)