IMO, I believe that the SEC's actions are just normal and only exercising the mandate that was given to them as a government agency, so their actions are justifiable because they are part of the greater centralized government bureaucracy and their job is to implement the laws and guidelines especially if there's an investment and money involved.

And about the question of what the SEC has been contributed to the Blockchain industry so far, I think they are making the Blockchain industry a more secure and regulation-abiding industry.