The SEC's "token" enforcement action against Ripple for XRP

Why does the SEC allow firms to raise millions, even billions, via exempt offerings, only to bust them later for an alleged illegal securities offering, often after the money is long gone?

On December 22, a few days before Christmas, when you think everyone at SEC has turned off their computers until the new year, the SEC charged Ripple Labs and two of its executives with conducting a $1.3 billion unregistered securities offering.

According to the SEC's complaint, Ripple; Christian Larsen, the company's co-founder, executive chairman of i…