My questions are, how do you regulate something that is not held by anyone in particular? Something without a central owner, something run on software by various changing parties behind IP addresses?
Sellers of tokens may still be in the crosshairs of the SEC but move one or two steps higher and there will be no central party anymore to regulate. I trust the SEC is well aware of this danger.
Trying to regulate the unregulateable. Yes, the SEC as well as Central Banks are well aware of their redundancies. That is why they are attacking crypto's with all the fear mongering. "We control everything you do!" when reality is - "No, you do not. " Real conundrum for them :-).