My opinion is that the SEC's inaction is intentional, aimed at preventing the crypto industry from growing and attracting corporate and large investment money. I believe they thought that crypto would die on its own and if they waited long enough, the problem would solve itself. However, by now, they should realize that crypto, especially Bitcoin, is not going away. It's time for them to take action, or the USA will be left behind.
RE: Coinbase Begs the SEC For Clarity, Will Gensler Comply? What Does This Mean for Bitcoin?