Some things are “uncharted” but others are simply illegal, like selling unregistered securities. The supposed confusion on this point is a pretense to help the legal defense whenever regulators get around to enforcing the law.
That's where Gensler failed. He may not be wrong, but he needs to show his work.
Ethereum voluntarily changed its definition since the last time SEC gave it "not a security" status.
> That's where Gensler failed. He may not be wrong, but he needs to show his work.
I am sure he would be very happy to show his work to the court. Thus the Wells notice to Coinbase and the lawsuit against Bittrex. He is just not required to show his homework to Coinbase, much to the dismay of crypto shillers.