It’s absolutely unconscionable that a regulator – when presented with so much pushback on what he was about to say / how he compiled this fake “test” in the first place – decided to move forward anyway, and throw an entire industry into chaos.

For the SEC to sue Chris Larsen and me personally for allegedly selling unregistered securities when their own Division Head deliberately created confusion about this…well, I don’t have a single polite word to describe this deplorable, politically-motivated overreach.

Seeing the depth to which the SEC has essentially weaponized the lack of regulatory clarity through enforcement actions since this speech was given – it’s no surprise that we can call bluff on their claims to “just come in and register” as nothing but in bad faith.