I agree with your conclusion that the SEC, like other laws and regulatory bodies, are archaic and are therefore incapable of addressing, much less regulating, modern technologies and entities like cryptocurrencies, blockchain companies, and even big tech. But, I will have to disagree with the argument that it is because they have become corrupt.

Rather than corruption, I think it is simply because the SEC and all other regulatory bodies and institutions are ill-equipped and confused by everything that has happened since the Internet became widely used. Since the early 2000s, the world has changed so drastically and in such a short amount of time compared to the pace of change before the Internet.

Everything from the things we value to the way we do things has changed. For example, our idea of privacy is much different today because of social media. Things that people only imagined as science fiction in the eighties are also slowly coming to life. And just because it was ok to wait months and years before regulation was enforced in the pre-Internet age, its not the case, anymore.

So its likely a case of institutions, regulators, and lawmakers being slow to act and unsure of what to make of the world today.

So let me get this straight... the SEC's job is to do the thing that crypto already does by design? All crypto is open source and transparent. If the SEC ACTUALLY WANTED to promote transparency and protect investors they'd hire a fleet of blockchain experts to study these things and do all the heavy lifting research for us.

To me it only makes sense that the SEC is inacapble of imagining an entity who doesn't need their help to ensure transparency. That's because for the longest time, even though they often fail at it, they have always been the ones in charge of ensuring transparency. So now, they're just doing what they think is right, based on their outdated model of the world. Old dogs and new tricks, I guess.

So, while I don't agree with what the SEC is doing regarding XRP, I don't think it is corruption. Most likely just a bunch of old folks working on old systems who haven't yet figured out that their systems no longer work. They remind me more of the animals in Ice Age who have no idea they are about to get extinct. You're spot on calling it a "dinosauric system". It's also a dinosauric system run by dinosaurs.

So, until the dinosaur is replaced, moving forward, I think the most logical move for the SEC is to admit they are ill-equipped to regulate blockchain and cryptocurrencies. Then, instead of suing XRP, go with a more lenient "comply or explain" strategy used in some countries. This way, they can just let market forces decide.

After all, blockchain and cryptocurrencies are one industry where deviations from the standard are not just common, but expected. A "one size fits all" approach definitely does not apply here. So, instead of forcing the blockchain companies to following regulation for standard companies, just let them explain publicly why the regulations don't apply to them and let the public decide if they still want to buy cryptocurrencies like XRP. And, like you, I hope people decide they don't like XRP.