If a certain coin, e.g., ADA, is not a security, then the SEC has nothing to say about it. Some of the DeFi schemes may well be securities, however, and therefore would fall under its purview.

But because the SEC leadership simply wants to tell the world that it's right because it is, that doesn't cut it. Crypto needs guidelines, intelligent ones, beyond declaring that Bitcoin and ether are ok because not securities and all the rest need to file.

I hope the Ripple suit clears this up, but then the hard work will only have begun.