The SEC stated in the Coinbase case that cryptocurrencies "have no intrinsic value and are investment contracts."

BlockBeats reported on October 9th that in the federal court case against Coinbase, the US Securities and Exchange Commission (SEC) argued that cryptocurrencies lack any "inherent or intrinsic value". In its filing, the SEC stated that "crypto assets themselves have no inherent or intrinsic value – they are worth what someone is willing to pay for them, which in this case is investment contracts". This argument has been met with opposition from Coinbase and crypto professionals. Paul Grewal, Coinbase's Chief Legal Officer, stated that "the SEC's argument would mean that everything from Pokemon cards to stamps to Swiftie bracelets are all securities, which is simply not the law and should not be the law." (Decrypt)