Its not an implicit approval.  There is a mechanism for an implicit approval called a no action letter... basically, that would mean that the SEC investigated and decided to take no action as matter of policy (as opposed to lacking sufficient direct evidence to convince a jury or a decision based on prosecutor priorities).  That will NOT happen here.  No way on earth with the SEC give a stamp of approval to cloud mining, fractional reserve mining, ICO sales, etc.   A no action letter won't happen because that would be a green light to the world to engage in fractional reserve mining, cloud shares selling, ICO sales, etc. all the types of conduct GAW has engaged in.  Even if the SEC fails to take action, it will NEVER give any stamp of approval for these activities either expressly (never happens anyway) or implicitly through a no-action letter.