Interesting take. They refer to the former "DAO" structures and the offer to people to enter into a contract related to a DAO.
Whereas there is some merit in what they say, their Authority only extends to the offerings made within the US and its territories. In my view if a US Citizen decided to access a site that is non-US based and purchase tokens in an organisation the SEC and US Government has no authority - except by making it a criminal offence for a US Citizen or anyone living within their borders to do such a thing.
Maybe they should look into New Hampshire's new legislation relating to crypto, acknowledging it only just scraped through on votes, it is the way governments should be moving, ie. no (or minimal) regulation. Buyer beware - if you can buy crypto you should be intelligent enough to make the right decision and/or acknowledge something was a bad call. YOU ARE RESPONSIBLE not somebody else.