The SEC is not there to protect you from scams. It is a control mechanism. The whole world investment system is based on organized fraud. It is only called a scam if it is done by a small time player. When the big boys and governments do it, then it is by definition legitimized.

The governments of the world will eventually want to recapture their former monopoly over money. Crypto is small potatoes at the moment, so most governments can't be bothered to do anything, yet. The time will come when the hammer will drop. I wish it were not so, but governments want control and they want monopoly. That is their nature.