don't celebrate this enforcement from the sec. it is an embarrassment to regulators and hester peirce describes here in a dissenting opinion https://www.sec.gov/news/statement/peirce-statement-kraken-020923
Discussion
i'm no lawyer but it seems like a sensible agency would give continued guidance for. we technology and financial products rather than educating through enforcement.
however if the goal is to "look tough" and gain political credits it is better to win cases.
"show me the incentive and i will show you the outcome"