As for the SEC’s position: Chairman Gensler might say that, if Congress had told the SEC that it does not have jurisdiction over crypto, or if Congress had enacted legislation that specifically applied to crypto, the SEC would step back and do what Congress says. But Congress has not said anything, so, if the SEC thinks that tokens and other types of crypto are securities under existing law (the Howey test), it has no choice but to apply that regulatory framework unless and until the law changes. The exchanges and other defendants in crypto proceedings might need to run out the clock for a bit to see whether Congress can get its act together to write new rules or provide a path to compliance.
Source: The Crypto Wars Escalate | Corporate Defense and Disputes
