But that's why I said, eventually they have to. The SEC, like central bankers, do not really call the shot. The market does.

It can sit and wait for a couple more years and see if defi dies on its own, but chances are it most likely wouldn't. A lot of high executives are leaving tradfi to join crypto even during this bear market. This pushes more pressure on them to do something, especially if other financial hubs already have their regulation all set up.