The Securities and Exchange Commission (SEC) has been waging a campaign to regulate cryptocurrencies since 2017, arguing that it has the authority to oversee many digital coins and the platforms that trade them. However, the SEC can only regulate digital coins that are classified as securities, which includes assets such as stocks and bonds.

Despite this, more than a dozen cryptos have been listed on U.S. exchanges despite being illegal to sell. These include tokens that were issued through initial coin offerings (ICOs) that did not comply with SEC regulations or register their tokens as securities.

While the SEC has taken legal action against some of these projects, others continue to operate without facing any consequences. This has led to concerns about investor protection and the need for greater regulation in the crypto industry.

Investors should be cautious when investing in any cryptocurrency and ensure that they understand the risks involved. Additionally, they should research the project and its compliance with regulatory requirements before investing. It's essential to remember that not all cryptocurrencies are created equal, and not all are legal to sell in the United States.