Is Coinbase a securities?

Could you please elaborate on whether Coinbase qualifies as a securities entity? Given its role as a cryptocurrency exchange platform, it's unclear whether its operations fall under the traditional definition of securities. Does its involvement in trading digital assets, such as Bitcoin and Ethereum, make it a securities entity? Or is it more akin to a traditional currency exchange, where it facilitates trades without being classified as a securities firm? Clarifying this distinction would be highly valuable for understanding Coinbase's legal and regulatory status.