Agree on KYC (which has been done by most "legit" exchanges forever), but not on securities. Sure, most ICOs are securities, but the rules are pretty vague and there's a broad spectrum of tokens out there. Gensler still won't answer whether or not he considers Ether a security.

It's like if the DEA announced drug dealing was illegal but refused to provide specific guidance on whether Marijuana, Alcohol, or other substances were considered illegal drugs.