Let’s say tomorrow Gary and SEC declare ETH a security, now what?

Seems like lately the “SEC is going to consider ETH a security” discussion has gained a little bit of steam, perhaps due to the ruling that exchanges can no longer stake coins.

So let’s say it finally happens and Gary and the SEC has finally delivered on their promise and made ETH a security. What happens next? Do people in America instantly lose access to buying every crypto out there except for BTC? How exactly would Americas sell their holdings? Does ETH’s price get instantly cut in half?

I feel like now is a good time to discuss this in case this does happen. I’d rather try to come up with a plan now, instead of while inside the storm and just trying to keep whatever value I have left.

Also, with elections coming next year, is it safe to say that this “ETH is/isn’t a security” argument will have to come to a decision sooner rather than later? Or would the SEC keep on figuring this out with the possibility of a new administration?

TLDR

Not fud, trying to figure out what will happen to crypto market if ETH and every crypto besides BTC is considered a security.