[worrycue]

Frankly, the SEC is probably feeling their way around too. They have an internal model of what is and isn’t lawful and they sue based on that. But that’s their internal model, not the actual law - as decided by politicians and the courts. Their internal model will be revised based on court rulings.

Frankly, these crypto bros seem to be trying to get the SEC to publicly contradict themselves, and plan to use that as ammo to turn the court of public opinion against them, but the SEC isn’t interested in playing their game.