Because it isn't clear the product is a security at all. Coinbase earn is an IT service where Coinbase (or a contractor representing them) interacts with a protocol on your behalf in exchange for a cut of the proceeds.
>PArt of Coinbase earn is defi yield(aka lending), part of it is crypto staking.
Wrong. Nothing currently implemented in Coinbase Earn could be reasonably considered "lending". The article you linked is 2 years old and about Coinbase's prospective "Lend" product — which, as I understand it, never launched, perhaps because of a Wells notice submitted in 2021. This statement is about the one they've received more recently "regarding an unspecified portion of our listed digital assets, our staking service Coinbase Earn, Coinbase Prime, and Coinbase Wallet":
> regarding an unspecified portion of our listed digital assets
I believe that's the first link. Most (if not exactly 100% of them) cryptocurrencies are securities as per howey test. Tron in particular, matt levine calls out, is clearly securities, among other things. Coinbase also listed a lot of other tokens that were also clearly securities.
Whether or not Coinbase is operating a securities exchange (they obviously are, despite the fact that I don't necessarily agree that "most" cryptocurrencies they list being securities by any reasonable application of the Howey test), and whether Coinbase Earn ("the product") is a security, are two distinct questions.
Which part of howey do you think Coinbase earn(not staking, but the product offered by Coinbase themselves) doesn't satisfy and is therefore not a security?
I made it explicit between staking (you staking your own money) and doing it through Coinbase.
You can go ahead and try staking your money yourself on the protocol. But do it through coinbase equation changes.
Also coinbase earn does defi yield (which is more clear cut securities), but i am in mexico now, and can't tell if this were the case in the US or i am seeing geofenced content.
