Earlier quoted context omitted.
I think many in cryptography would see cracking a key as a precondition to "actually exploiting it" ... because you've only gotten a cryptographic secret, not "actual data". But I think many others, and many in law enforcement, will see cracking a key as "actually exploiting it". You've exploited the cracking vulnerability to target a particular key, is how they'll see it. Law enforcement also have a natural incentiv…
The US law most at play in criminal prosecution of computer usage is CFAA, and a clear CFAA predicate is intentional access to a protected computer (18 USC 1030(a)(2)). This distinction is what makes vulnerability research on things like Chrome vulnerabilities generally safe (as long as you don't knowingly spirit exploits to people who are actually attacking people), while vulnerability research on other people's web…
My understanding, and IANAL, is that decrypting things that aren't yours is a bad idea and is covered mainly by electronic communications and wire acts, e.g. U.S. Code § 2511 and others.