The SEC isn't catching up to it when they've explicitly refused to clarify to both the people they are trying to regulate and the lawmakers themselves on what they determine to be a security.
The SEC created a situation by which any action could be deemed criminal and only decided to regulate when it was politically expedient to do so.
There is no reason to believe they are doing this on behalf of protecting investors, because investors have consistently asked for clarity and the SEC refused to do so, and are only now going after the large exchanges after a rash of traditional finance banking failures.
For all of the criticisms against crypto, there is zero reason to believe the SEC is operating in good faith because they have shown time and time again they are not.
The SEC created a situation by which any action could be deemed criminal and only decided to regulate when it was politically expedient to do so.
There is no reason to believe they are doing this on behalf of protecting investors, because investors have consistently asked for clarity and the SEC refused to do so, and are only now going after the large exchanges after a rash of traditional finance banking failures.
For all of the criticisms against crypto, there is zero reason to believe the SEC is operating in good faith because they have shown time and time again they are not.