Incorrect. Lack of enforcement doesn't confer legitimacy. SEC can't keep up with all the various scam and other responsibilities it has to deal with. CBIS may well be on the SEC's enforcement "to do" list, but other scams are higher on the list.
Your logic is equivalent to saying a bank robber did not commit a crime, because he hasn't been caught.
"It is easier to fool someone, than to convince them they have been fooled."
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