Why would the SEC go after NFTs and NFT exchanges now, even though the heyday of NFTs may be behind us, and some of the projects they're targeting (Flyfish Club, e.g.) are arguably more like gym memberships than securities?

lawyer and investor @ True Ventures / fmr GC Paradigm, Circle, DHS / law, tech, policy, security, crypto
 / coldebella.substack.com

In short, the SEC is trying to expand the perception of its regulatory authority, so it can make the argument like "if this restaurant NFT is a security, then this DeFi staking protocol sure as hell is," and "if this exchange that trades ape pictures is a securities exchange, then Uniswap definitely is."

More enforcement in lieu of rulemaking.

It's strategic.

In what may be the waning days of Gensler's SEC, it is trying to mark its territory as broadly as possible, especially in proceedings where it won't be challenged.  In a settlement, no judge will rule on the SEC's theory that a NFT that lets you into a restaurant is more like a share of stock than a club membership.  So the SEC can put whatever boundary-pushing theory it likes in the settlement.