Thanks for this - I found it particularly enlightening. I viewed the Twitter thread thinking “damn SEC!” but now? While the SEC should probably be more transparent here, clearly CB is up to shenanigans, which justifies their threat of lawsuit.
I don't know about the regulation part of it, but why shouldn't the SEC just respond to a company asking for clarification with a clarification? I'm assuming, based on the Twitter thread, that they have not done so.
SEC clarified that the program must not be launched or a lawsuit will follow. As to why - apparently SEC is collecting information to provide a guidance. You don’t want to rush guidance.
