The time the missteps took place coincided with the collapse of FTX and the SEC’s heightened enforcement actions against crypto exchanges, which included Coinbase. Coinbase Wants SEC Held To Same Standard They’ve Used To Fine Firms Millions Of DollarsCoinbase says that the loss of the text messages means that the true extent of “the SEC’s stonewalling” will never be known. “The SEC has imposed more than a billion dollars in fines on private parties for failures to preserve securities-related text messages and similar communications within the last few years alone,” Coinbase wrote in the filing. The SEC has also issued new guidance on staking, and said that certain staking activities are not considered securities offerings. These staking activities include solo staking, delegated staking, and some staking-as-a-service arrangements.