The rules were always clear, it's just that crypto people didn't like them & wanted new rules specially made for them.
Crypto exchanges were always money transmitters that were required to follow KYC regulations, ICOs were always securities & needed to follow SEC regulations. And so on & on.
Using cryptography doesn't make you magically immune to regulation.
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.
Crypto exchanges were always money transmitters that were required to follow KYC regulations, ICOs were always securities & needed to follow SEC regulations. And so on & on.
Using cryptography doesn't make you magically immune to regulation.