The SEC seems to have this weird delusion that they are a global regulator, and that they can create US law (something I thought was the job of Congress and the US Senate) and that US laws apply worldwide.
At a time when many countries are scrambling hard to de-dollarise, this is a remarkably arrogant approach. With India, Russia, China and many other SCO countries now transacting in their native currencies, US fiscal dominance is evaporating incredibly fast. It creates a great opportunity for crypto to step into the void left alongside national currencies.
The SEC is just plugging holes with chewing gum as the dam gets closer to breaking.