I don't agree with many actions the SEC did under Gensler (for example, their recent Wells notice against OpenSea seems ridiculous), but most of their actions targeted two things as far as I remember:
1) Altcoins which ring a lot of Howey test "bells" because they are totally centralized and utilized to raise money for a business, like any security. Ripple is a good example actually, a permissioned blockchain managed in completely centralized fashion by a business very closely tied to the banking sector. Uniswap is another similar case, a "decentralized" service run in a completely centralized (but obfuscated) way.
Gensler applies Howey test very arbitrarily and subjectively in his own ways and I would like to say Gensler, not SEC. as SEC. under this term, is centralized to his power till recent months when he got pressure to change.
According to arbitrary interpretation and application of Howey test, I read that people analyzed that this way, almost everything will be consider as security, even watches. It is bad management from SEC. under Gensler time and I hope that his time in SEC. will end soon. and this SEC. will have a new chairman who will be more accurately in applying Acts, Laws and Legislations that are existing to serve citizens, not to play these cards against citizens.