Did Coinbase fail to register as a securities business?

Has Coinbase fallen short of fulfilling its regulatory obligations by failing to register as a securities business? Given the strict regulatory environment surrounding cryptocurrencies and financial services, it is crucial for companies like Coinbase to adhere to all necessary registrations and licenses. Could this potential oversight pose significant risks to investors and the overall stability of the crypto market? If Coinbase has indeed neglected to register, what are the potential consequences for the company, and how might it impact the broader industry?