First of all that’s not the reason why BTC hit ATH.. l lol it hits ATH because supply schedule halves every 4 year.

Secondly, The charges are against exchanges selling the unregistered securities. Generally they will prove that these exchanges were selling unregistered securities based on the Howey Test.

The Howey test has three main criteria that must be met for a transaction to be classified as a security:

1. Investment of Money: The transaction involves an investment of money or assets.

2. Common Enterprise: The investor's money is pooled with others, and the profits are generated from the efforts of a third party or a common enterprise.

3. Expectation of Profit: The investors have an expectation of profits primarily from the efforts of others involved in the transaction.

If all three elements are present, the transaction is likely to be considered a security and subject to relevant securities laws and regulations that are in place already.