the SEC and their public statement must have dealt more damage to crypto users overall than any 'genuine' scam.
somebody comes along who simply claims to have a right to direct and control a thing or system. and the more he claims it the more that claim becomes a reality as people get lulled in.
this story really is a story of jurisdiction, and the more we comprehend the fictional nature of the legal system the easier it is to not make a king out of an angry shouting beggar bully