Nice analysis but there are more fundamental questions whether the US government can (from a constitutional perspective) or should (especially at this early stage) regulate crypto.
As a lawyer with plenty of experience in regulation, my view is that it is bad to try to regulate emerging industries.
See https://steemit.com/crypto/@apshamilton/time-for-crypto-industry-to-push-back-against-regulatory-overreach for my view of how the Crypto Industry should respond to over regulation attempts.