That doesn't even seem to be the issue here. Which is weird. In my humble layman's opinion, an ICO looks an awful lot like a security offering, while a staking

That doesn't even seem to be the issue here. Which is weird. In my humble layman's opinion, an ICO looks an awful lot like a security offering, while a staking protocol doesn't. Compare the simplified statements "Buy my token! It's going to be great in the future!" with "Let's pool our money and execute an agreed-upon protocol where those who have the most get more". Why is the SEC wasting time by going after all the weird ones before the easy pickings?