There's going to be tons of this to follow.

Isn't the IRS more suited to this skimming off the dough of cryptocurrencies (as it has done by making Coinbase report customer data)?

I think it was Tim Draper who summed it up succinctly, "I'm a securities regulator and you are now a security"; I am a smut regulator and you are now smut.

Someone's gotta skim off the fortunes and it sure won't benefit innovators when the SEC and other old-school bureaus pretend to stand for protection of US citizens.

I am a hammer therefore you are a nail.

https://www.cnbc.com/2018/04/30/sec-is-cautious-but-open-to-crypto-fundraising-commissioner-says.html