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I'd take the money and run. SEC will be a nice credential if you were in enforcement, but depending on what other group you may be in (OCIE? really no question then) it may be a wash prestige wise. You'll likely get much more substantive work at the firm than you will get at the SEC and may even end up with a job offer as a back up option heading into OCI. Short of knowing that you one day will want to go to the SEC and/or want to practice in securities, I'd take the position with broader applications, that will pay you, and that will more likely lead to a possible offer.

CorpFin is a good division too. I'd still take the SA.

I'd take the SA as well. I was at an international law firm in a different country over the summer, which definitely does not have the prestige of a 1L SA. Office was really small (less than 20 attorneys), but it turned out to really help during my 2L OCI. I found that it was easier to connect with the interviewers and ended up talking a lot about the substantive work (make sure you try your best to gt substantive work!). Interviewers to some degree are looking to see whether they will be able to work with you, and if you can still show enthusiasm after spending some time at a law firm and doing the work, it's more believable that you can handle the expectations of the firm and the lifestyle. Also, I wouldn't discount the connections you can make at the SA. The connections I made got me a direct to callback and then offer at their office in a major market in the States. So you never know.

I've also interned at the SEC, but not during the summer. It was okay. I do know several people who have done their summer at the SEC and still wound up at great biglaw firms (but their grades were also really good). But, I wouldn't pass up an experience at a law firm for it, especially if you want to do biglaw. You'll get a better sense of whether private practice is for you. Oh as for work that might lend itself later will really depend on what office/division you end up at the SEC and what in particular you want to practice. Like if you want to do litigation, then enforcement. If you're interested in transactional work, there's CorpFin, who also has an office of M&A (if you're interested in that) or IM. If you're interested in like FCPA or international policy/enforcement, OIA does quite a bit of that. So extremely dependent on what office/division, pick wisely!

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As far as 2L OCI is concerned, I think the SA will be more valuable in that it will give you an idea of what practicing is really like and prepare you better for an interview since you'll have that experience under your belt that you can pull from. Also, if you really want to work at the SEC, your school may offer an externship program where you can work either part time or full time for credit at an agency like the SEC. It is typically a lot easier to get one of these positions during the year than for the summer, so you should be able to get it again, and, from experience (3L first semester in enforcement), it definitely beats a semester in lectures. If they don't offer it outright, you can always check with your dean of students or some similar body -- i can't imagine a school is going to be against getting paid to have someone else teach their students. That will get you the best of both worlds.