On: “But the SEC let us go public” and other flawed ar...

[sebzim4500]

I think there is a very important difference here, specifically that the police department is not going around deciding what is and isn't legal but the SEC is deciding what is and isn't a security.

[growse → sebzim4500]

The police department absolutely exercise discretion over what they choose to arrest people for and what they don't.

The SEC is not deciding what is legal or not, they're deciding whether or not to bring an enforcement action. The court decides if that is legal.