The U.S. Securities and Exchange Commission has formally introduced a sweeping new regulatory framework featuring tailored exemptions and a safe harbor for digital asset investment contracts. Down on the Malecón in La Paz, the only safe harbor anyone is talking about is the one shielding stray pangas from a sudden Sea of Cortez squall. Expats nursing warm Tecates barely blinked at Washington's latest paper shuffle, universally agreeing that trying to decode SEC compliance white papers sounds significantly more painful than a severe case of traveler's diarrhea.