Earlier quoted context omitted.
MetaMask is nothing at all like Gemini. Gemini was effectively a bank. MetaMask is software you run on your own computer, and use to effects peer-to-peer transfer and swaps with others. The SEC case is an attempt to extend SEC authority to software publishers, and only portends harm to retail investors, who will have less software innovation to benefit from if the SEC succeeds.
Even if that's true, if people are using the results of this as currency, shouldn't this be regulated? Isn't that what the SEC's express purpose is?
The SEC is supposed to regulate investment contracts, not currency, and definitely not software publishing.
Giving bureaucracies unlimited control to do what we want on our computers is incredibly dangerous imo. We should always be careful about what activity we permit them to restrict.