To everyone saying "Well it's just obviously a security", you may well be right. But securities law and the Howey test are actually pretty complicated. If the SEC has a rationale for why this product is a security, that's great, they should share it.
It's possible Brian is being dishonest in his presentation of their interaction. It's possible the SEC did give him a rationale and he just didn't like it. But if we take what he's saying at face value, the SEC's behavior here is unacceptable for a regulator, regardless of what you think of the crypto industry.
It's possible Brian is being dishonest in his presentation of their interaction. It's possible the SEC did give him a rationale and he just didn't like it. But if we take what he's saying at face value, the SEC's behavior here is unacceptable for a regulator, regardless of what you think of the crypto industry.