I've been speaking to some legal people i know, BAR might actually be in fact breaking SEC regulations according to this, it might actually be classified as a security token NOT utility (even though they say it is) which BAR might be in trouble for as they did not do KYC
If a token has a significant utility in the operation of the application, it may be less likely to be considered a security (since this characteristic may help the token to fail the Howey test, as discussed above). But, the reality is that utility tokens can indeed be considered a security under the definitions set forth in Section 2(a)(1) of the Securities Act of 1933 (1933 Act) and Section 3(a)(1) of the Securities Exchange Act of 1934 (1934 Act). If this wouldnt be the case, every investment contract could just escape securities law jurisdiction simply by building in a trivial utility to the token. Imagine a tokenized share of stock, except the token also enables you to redeem it for a cat GIF.
https://medium.com/@argongroup/8-important-things-to-know-about-security-tokens-token-regulation-3d548a1a6367i'll be submitting a complaint with BARs name and profile and the latest incidents with BAR to the SEC and see if they have any comment
https://www.sec.gov/tcr