It’s because neither the SEC nor the CFTC have jurisdiction over crypto. The holding of the EPA v West Virg case (CO2 emissions) was that federal agencies can’

It’s because neither the SEC nor the CFTC have jurisdiction over crypto. The holding of the EPA v West Virg case (CO2 emissions) was that federal agencies can’t regulate new domains without actual legislation. The Securities Acts of 1933 and 1934 unsurprisingly says nothing about crypto.