Hate to take the SEC’s side, but once Coinbase started trading DOGE, they lost the moral high ground.
Plus, I don't think consumers should be protected from dogecoin --- no layman in their right mind invests in doge with the expectation of profit (from common enterprise). Bitcoin is more of a security than doge will ever be.
It does however have laws around registration of the security, who can and can’t purchase it under a given registration, disclosure rules, conflict of interest rules, and so on.
This sounds a lot like the SEC dictating what can and can't be traded in the modern day. We can't trade something if there isn't an exchange for it.
Influencers pumping the coin on Twitter is a common enterprise. You don’t think people bought DOGE because they hoped those influencers would continue what they were doing?
If kale and gold are securities under the current interpretation of the howey test, then the howey test needs to be rewritten.