Right now, Wahi argued, crypto users are simply left guessing about their exposure to SEC enforcement — and that's not sustainable.
That strategy, Hodl Law asserted, didn't give token-holders fair notice about whether their coins are securities.
Otherwise, Hodl Law said, Ethereum users have no idea if the SEC will swoop in with an enforcement action.
The SEC also said that it's not obliged to warn crypto users about its interpretation of securities laws.
It also, however, provides the first robust explanation of an argument I expect to see more often in SEC crypto cases: SEC enforcement, according to Wahi, is precluded by the Supreme Court’s recently articulated major questions doctrine.