It's a big mess. I would not want to be employed by the SEC during all this.
Perhaps, If they focus on the known scams that are under investigation and use them to set the precedent of what is clearly not acceptable, things will start to take shape. But this is no small task and it's a long road ahead.
Who knows is right!
I agree more focus should be on the known scams. Probably a large emphasis on self regulating, as seems to be a growing compromise trend, would be the best way to move forward on that. But yeah, who knows though. I think the key is to stay fluid to allow innovation to grow freely and just prune off the corruption offshoots when they step over clear bounds.