I guess it was possible that the new SEC would not bring any crypto fraud enforcement actions: Crypto fraud might no longer be the SEC’s problem. (I guess it was possible that the new SEC would not bring any fraud enforcement actions at all; I wrote in January: “What if the US Securities and Exchange Commission never brings another enforcement case? What if it’s like ‘ahh, go ahead, do all the fraud you want’?”)
But in fact the new SEC has disclaimed this analysis: Despite concluding that crypto tokens might not be securities, it has nonetheless expressed interest in policing them for (securities) fraud. Somebody has to, so why not the SEC?
Source: PGI Global