But there’s little point whining about the SEC’s post-facto virtue-signaling – the agency has the power, and seems unlikely to change its stripes any time soon. There’s more alpha in engaging with the realpolitik of its operative logic than in grousing about how unfair it is. That’s especially true because, well, there really was a lot of embarrassing and damaging crypto fraud last year. As Bloomberg’s Matt Levine points out, even the most reasonable counterpoints to misplaced regulation are going to fall on deaf ears once people lose enough money.