I think that it's more accurate to say that the legality of these actions wasn't clear, which everybody knew from the start. These companies decided to take a risk, and they rolled badly on the dice.
The legality is still unclear, too. We don't know whether or not these companies violated the law until a court rules on it.
They were completely clear. The whole time. There were no moments when it was a reasonable thought that securities weren't securities "because blockchain.
The legality is still unclear, too. We don't know whether or not these companies violated the law until a court rules on it.