The SEC is a joke and their enforcement is shambolic
The SEC only targets low hanging fruit - pat themselves on the back - make a public statement about it - then don’t even care about the legal follow-through.
They never want to target cases or companies that are difficult, challenging, or embarrassing. They’re an agency that polices broken windows on the street level and rarely goes to the penthouse floors!
They contact blockchain businesses that are holding token sales and force them to close and refund investors. They claim to “maintain fair, orderly, and efficient markets, and facilitate capital formation” but play nice to big corporations, while employees take very high paying private sector jobs after working there!
They shells out billions and billions of fines each year but a large number of those fines go to big banks, some of the most evil companies on earth!!
Their enforcement division is measured by only two metrics, the number of cases filed and the monetary penalties - more than half of SEC employees are made up of enforcement personnel and examination staff - they need serious reallocation of their resources! Enough is enough!! Gary you might have taught that MIT class but you have no business ‘regulating’ the future of global finance!
TLDR; The SEC is a useless government body that does NOTHING to actually protect investors, only favors big business, and should stay the HELL away from cryptocurrencies.
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This reminds me of the demand they made to xrp, this is how this world is, since there is a lot of money involved, there are thousands of ambitions