Do you know this? Because I haven't seen anything one way or another.

If the SEC did an extensive months-long project researching the cryptocurrency space, the philosophy and technology behind it, and how it's used in practice, why would that necessarily be something that was made public? Seems to me that sort of thing is just doing their jobs, and not something they would need to loudly announce.

As for the specifics...I don't pretend to understand the relevant laws well enough myself to state with any confidence what the SEC does or doesn't hold to be illegal, except for one thing: whatever it is Coinbase is doing, which they clearly think is illegal. You're the one making bold broad claims, with very little evidence, about what the SEC is or isn't doing—and these claims seem very much slanted to paint the SEC as being in the wrong.

So, again: Do you know what the SEC has and hasn't done here? If so, then please share with us, as that would be very relevant information to this discussion as a whole.