Morgan points out that, according to Coinbase's Wells notice response, the exchange anticipates using the fair notice defense if it is ever sued. He adds that Coinbase contends it has a stronger fair notice defense than the other defendants and even footnotes Ripple's fair notice defense.
He believes that this puts Coinbase on notice that its listing process might have captured securities. Morgan thinks Coinbase ought to have maintained its position that it does not list securities and refrained from delisting any token. In Morgan's opinion, the Coinbase fair notice defense before January 2021, before it delisted XRP, had stronger chances and was comparable to Ripple's.
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