Is the Exchange Act a jurisdictional overreach by the SEC?

Is the SEC's enforcement of the Exchange Act an example of jurisdictional overreach? The Act primarily governs the registration and reporting requirements of securities exchanges, yet there have been recent instances where the SEC has interpreted its provisions to extend beyond traditional exchange activities. Critics argue that this broad interpretation infringes on the rights of individual investors and cryptocurrency markets, which operate outside the traditional framework. Does the SEC's expansive enforcement of the Exchange Act truly protect investors, or does it unfairly constrain market innovation and growth?