I think it's going to get harder and harder for the SEC to win cases like this. I would imagine there isn't one major crypto project that hasn't assumed they might one day get a Wells notice and haven't started getting their ducks in a row just in case. If the SEC keeps doing this they are going to look like a amateur fighter that keeps getting in the ring with belt holders.
Yep they've been grasping at straws for a while.
Every loss is just another dent in their reputation and authority.