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> It's not the job of the SEC to guide companies/people on what constitutes securities

Which government agency fulfills that role?

The judiciary. See the Howey test.

I guess the judiciary system will eventually rule on what is legal / not legal via a legal contest, but courts are not actively informing and guiding American companies on what the rules are.

Seems like there should be an agency that does? Furthermore, the SEC does seem to fulfill some of this role, ie. registering securities.

> but courts are not actively informing and guiding American companies on what the rules are.

Isn't this what lawyers are for?

Guess that's how the world works then; do something until the government sues you, go to court and set precedent. Seems a bit inefficient. Or maybe its the most efficient path after all.

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