What crackdown? The SEC has only charged actual scammers and they’ve “requested information” from the legitimate players to figure out how to proceed. Other than some bad calls by sanctioning software, there’s hardly been anything considered a “crackdown.”

Coiners: “We want to be taken seriously and treated as legitimate businesses!”

Biden Government: “OK. We’ll treat you as legitimate businesses in your respective fields and expect you to comply with the same regulations everyone else has to.”

Coiners: “Oh shit wait no this sucks, our whole business model only works because of crime, quick everyone vote for a fascist conman!”