There is a whole world of securities law that’s hidden behind client attorney privilege that each client uses to protect themselves from the SEC (and DOJ), but basically nothing has been surprising about how the SEC has fumbled in the crypto cases or in what the courts have ruled

and of people familiar with this dimension of yet unchallenged securities case law, this has been one of the criticisms of the SEC:

Nothing the SEC does can accomplish investor protection in the crypto markets.

Nothing the SEC does can accomplish the mission Congress set for it, in the crypto markets.

There are ways to leverage blockchain transparency for real time disclosures far beyond what is seen in the stock market, and investors already have choices in sticking with offerings that leverage onchain transparency better. A concept of government can help standardize this approach to help capital formation.

SEC enforcement on the teams and exchanges will only harm investors in liquidity and price discovery. I would say that the SEC making itself known has improved the quality of crypto offerings, but there is still a far better approach possible.