Ethereum's managers pre-mined 72 million coins, kept about 12 million to sell at later times, and sold many to the public (and also "sold" many to themselves personally, though we only know of the self-buys they chose to disclose-- the structure guarenteed more coins for insiders the more that they raised from the "public" so there was a big incentive for insiders to anonymously participate in the public sale).
They forbid US persons from purchasing in their sale, which might be part of the reason the SEC never took action even though many people ignore the prohibition. You might assume that fact that they've subsequently lied and dissembled about the massive premine, or multiple times reduced the issuance rate of mined coins to prop up the price as they sold their own premined positions might count against them, but apparently not.
They forbid US persons from purchasing in their sale, which might be part of the reason the SEC never took action even though many people ignore the prohibition. You might assume that fact that they've subsequently lied and dissembled about the massive premine, or multiple times reduced the issuance rate of mined coins to prop up the price as they sold their own premined positions might count against them, but apparently not.