Coinbase is road-testing a new line as it ramps up its legal fight against the Securities and Exchange Commission. It goes something like this: If you think our business is illegal, you could have said so earlier. Instead, you gave us the go-ahead to be a public company just two years ago. What's up with that?
The argument is appealing and easy to understand and is getting some traction in the media. The Wall Street Journal devoted a whole story on Friday to Coinbase's "novel defense," providing the company an opportunity to amplify its point that the SEC's recent crusade is unfair.
