If you want legal advice, get a lawyer. If you don't want an expensive court case to determine who is in the right, don't do business in areas without established case law.
Which government agency fulfills that role?
Seems like there should be an agency that does? Furthermore, the SEC does seem to fulfill some of this role, ie. registering securities.
Isn't this what lawyers are for?
"The agency said Celsius engaged in "risky trading practices" and made uncollateralized loans, despite telling investors that it did not. The company also falsely claimed to have raised $50 million from selling its token, and claimed to have 1 million active users when in fact it had only around 500,000 depositors, many of whom were no longer active, the SEC said."
Securities or not, selling something while knowingly lying to buyers about what it is they are purchasing is fraud.
Nobody is going to be splitting hairs over SEC semantics because its not just about securities.