The SEC missed FTX because the SEC doesn't have jurisdiction...

There have been several independent studies that show that many of the cryptocurrencies that exist are not securities.

Makes sense right?!

You can transfer them, you can use them to pay for things, you can use them in certain networks etc etc etc.

They are very different than a stock of a company which represents a share of the companies net assets as well as it's cash flow.

The majority of crypto assets are very very different than that.

Yet, that hasn't stopped the SEC from claiming they are all securities with the hopes of gaining sole regulatory authority over the industry.

The reason for this, while not stated as such, is pretty clear to most out there...

MONEY!

The money obtained by the agency from fines and penalties goes directly to their coffers and given the high likelihood that some of the more unscrupulous projects did violate different laws in one way or another combined with the amount of money sloshing around make it a prime target.

More fines equal more money for the agency...

(Source: https://news.bitcoin.com/sec-chairman-gary-gensler-no-plan-to-ban-crypto-up-to-congress/)

So, there is a major financial interest for the SEC to gain sole regulatory control over the industry.

However, the people need to continue to remind people that the SEC doesn't have jurisdiction because these are not securities.

Several studies have showed that as well as several court rulings are also likely to show that.

Congress needs to set the rules for the road for crypto and then a regulator needs to enforce said rules.

The current stretching of the law to try and include crypto is not beneficial for anyone except the SEC's pocketbook.