[Nursie]

> If you _want_ to register, and the SEC replies with "<silence>", what are you supposed to do?

Not start selling your unregistered scheme! That's the point here, in terms of what actions you are allowed to take, if you don't have registration, you cannot sell the security.

It's not that they 'prefer' punishing after the fact - there's not supposed to be a fact.

Your options are to walk away or find some way to get them to take action. Your options do not include "fuck it we'll just go ahead and see if it bites us".