This is a complicated situation. On the surface SEC acts to protect (American) investors. But the investor has no voice because it is too complicated to follow, and the SEC is opaque.

Hence the voice falls to industry players, who have to study and know the system. Are they concerned for the investor? Or are they concerned that their investors might desert for better opportunities? Like crowd funding and cryptocurrencies...

The SEC won't want to move quickly on this issue. The cryptocurrency is fundamentally a new invention, one that built Steemit, Bitshares, Bitcoin, Ethereum. Too many bankers and finance people hold positions in cryptocurrencies.

For all these reasons and likely more, this is no slam dunk. There will likely be a request for comment and a long drawn out process in which the SEC tries to find the way forward.