At a low-earth-orbit level: the government is hostile to crypto. Period. That seems like the best explanation for the SEC's actions. If their goal is to make a

At a low-earth-orbit level: the government is hostile to crypto. Period. That seems like the best explanation for the SEC's actions. If their goal is to make anyone considering investing NOT do it, then this is the way: just create fear, uncertainty, and doubt. Don't lay down any clear rules anyone can follow. Just communicate: "We hate you."