I think SEC are only meant to regulate crypto exchanges. USDC is a stable coin and it serve as a security enough. But SEC is now trying to regulate almost everything. Well, Seems they once accused of BUSD not security.
This is actually their purpose, to regulate but most of the time they are just trying to catch up with the market as if this is a big threat for them. SEC is not good all the time, this is also why XRP is doing their best to win the case against SEC because they miss understand its concept and its purpose. Though most of the investors rely with the update from SEC, I hope that SEC will do their job correctly according to the interest of the public and not for their own interest.
