Is Coinbase in violation of securities laws?

Could you elaborate on why there's a question mark hovering over Coinbase's adherence to securities laws? Are there specific allegations or instances that suggest they might be in breach? How does the classification of cryptocurrencies, particularly those offered on Coinbase's platform, factor into this debate? Are there any regulatory bodies investigating Coinbase for potential violations? Lastly, what are the potential consequences if Coinbase is indeed found guilty of violating securities laws?