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Did you notice the list of enforcement actions at the bottom of the page?

The SEC can't just blanket C&D every single crypto exchange; they have to go one at a time. This is a clear message that they're going to do just that, especially when coupled with all the enforcement they're doing.

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Those are for Bitfunder and the like, where the issues are more about fraud than about the correct classification of coin offerings. There is no enforcement action against Coinbase for example. If the SEC was that confident in its position, then they would have gone after Coinbase, and we would have heard about it on CNBC first. This is a tacit admission from the SEC that they don't have much of a legal basis to stand on for such enforcement.

Coinbase doesn't trade in ICOs.

Bitcoin is probably not a security. Something like tether or filecoin probably is.

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