Literally yes, there has been actual confusion and stupidity among the two regulatory agencies involved, and the crypto shills spent a ton of effort trying to be regulated by the CFTC instead of the SEC, because the latter will actually crack skulls while the former has had officials practically tongue kissing Sam Bankman Fried and other ghouls.
Both regulatory agencies took a wait and see approach because they didn't want to be seen as galloping in on a supposedly "thriving" market and causing a huge crash by holding any of these fuckers accountable. Now that the crypto market is famously stupid and fucked and everyone lost money, they feel like they can pick at the bones.
Literally yes, there has been actual confusion and stupidity among the two regulatory agencies involved, and the crypto shills spent a ton of effort trying to be regulated by the CFTC instead of the SEC, because the latter will actually crack skulls while the former has had officials practically tongue kissing Sam Bankman Fried and other ghouls.
Both regulatory agencies took a wait and see approach because they didn't want to be seen as galloping in on a supposedly "thriving" market and causing a huge crash by holding any of these fuckers accountable. Now that the crypto market is famously stupid and fucked and everyone lost money, they feel like they can pick at the bones.