“This is a significant opinion that has the potential to change the landscape of the SEC’s enforcement efforts, or the success of those efforts,” said Teresa Goody Guillén, a former attorney with the SEC office of the general counsel, and now a partner with law firm BakerHostetler. “This is also helpful precedent for Coinbase and Binance to defend against allegations that they are operating as unregistered securities exchanges, brokers and clearing agencies.”