This is not surprising. The SEC is one of the most rogue organizations in the US Government not that anyone cares.
This assertion that something is illegal outside the US because it can come into the US is absurd.
Nevertheless, your message is true. It would be hard to start a project now. They are intent on shutting things down. This is why I think the US already killed itself in the blockchain race.
Their ties to the bankers are going to force tech innovation to move out of Silicon Valley and head elsewhere.
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Unfortunately, I think you may be right... They had every chance to embrace and they chose to regulate into the ground...