> My understand is that the SEC is generally a lot smaller than "we" think it is and it's sort of a random function. Cryptocurrency is super important to HN, but the SEC's definition of "systemically important" is different than ours.

Their mandate is to protect unsophisticated investors. That's why they weren't particularly interested in Madoff, and why the rules are so much laxer if you target "accredited investors."

Given that mandate, I think it's highly unlikely that they're going to go after romping, runaway successes. They'll focus on blatant pig-in-a-pokes.

I think they're sort of caught between a rock and a hard place - a lot of "retail investors" have bought into cryptocurrency at this point. Aggressive action by the SEC to crack down on digital currency would adversely affect the price of said currency, almost certainly harming "retail investors" in the process.

I'm using quotes because that's code for unsophisticated investors, the very group the SEC is supposed to protect.