For most of the administration of Donald Trump and up until Dec. 23, Jay Clayton led the SEC. Just months into Clayton’s term, the commission put out its report on The DAO in response to the infamous meltdown of the decentralized autonomous collective that resulted in the Ethereum–Ethereum Classic hard fork. The report on The DAO was the SEC’s warning shot that it would consider certain crypto offerings as securities, thus rendering the issuers liable if they failed to register as such. It pu...