Since the SEC investigative report concluded the DAO tokens were securities, one of the biggest questions is: are there any factual distinctions between the sa

Since the SEC investigative report concluded the DAO tokens were securities, one of the biggest questions is: are there any factual distinctions between the sale of DAO tokens and the sale of Ether. I really can't understand why the SEC spent its time on the DAO seeing as the token purchasers essentially agreed by majority vote to null and void their purchase, meanwhile the Ether sale did in fact become binding.