I’m not making a conspiracy claim, nor arguing that regulators are always reliable.

I’m describing a structural question:

Why was the terminology tolerated for years before being deemed unacceptable?

Regardless of whether one trusts the FTC/SEC/etc., two things remain true:

1. If the naming was truly deceptive from day one, early intervention would have prevented later misunderstandings.

2. The long delay created a regulatory vacuum in which ambiguity grew.

That’s the frame I’m pointing to — not defending regulators, just asking why the shift happened only now.