Never attribute to malice that which is adequately explained by stupidity. This author doesn't know what he's talking about. Another example: He shows how the SEC can regulate the major bitcoin-cash exchanges, but the author never notices that there is a plenty large enough economy just inside the bitcoin network. The SEC can't regulate you if you use an anonymous Internet connection, and never exchange for real-world cash.

> The SEC can't regulate you if you use an anonymous Internet connection, and never exchange for real-world cash.

The SEC can regulate you if you do that and still fall within their jurisdiction.

You may be meaning to argue that the SEC would have difficulty identifying and prosecuting illegal activity within their regulatory jurisdiction if you do that, but that's a very different argument than "cannot regulate".

This and other comments seems to assume "can regulate" means "can enforce 100% of the time".