Coinbase has initiated legal action seeking to compel the SEC to establish new regulations for digital asset trading, arguing the agency has failed to provide a clear regulatory framework. Concurrently, a federal judge has ruled against Gemini and Genesis in a related case, denying their motion to dismiss an SEC lawsuit concerning the Gemini Earn program. The court's decision allows the SEC to proceed with discovery to determine if the program violated securities laws, specifically under the Howey and Reeves tests. This development underscores the ongoing legal and regulatory challenges facing cryptocurrency companies in navigating U.S. securities laws, with crypto proponents making "not-unconvincing arguments" about the applicability of these tests.