In a big update, Court has determined that the Securities and Exchange Commission (SEC) provided enough evidence to show that Coinbase acts like an exchange, a broker, and a clearing agency according to federal laws related to securities. This includes Coinbase’s Staking Program, which the court believes involves offering and selling securities without proper registration. However, the court did agree with Coinbase regarding one part of the SEC’s claims about Coinbase’s digital wallet, indicating that the SEC’s arguments in this area were not convincing enough, and thus, those specific claims were not accepted.