Recent years have seen the Short Message Service (SMS) become a critical component of the security infrastructure, assisting with tasks including identity verification and second-factor authentication. At the same time, this messaging infrastructure has become dramatically more open and connected to public networks than ever before. However, the implications of this openness, the security practices of benign services, and the malicious misuse of this ecosystem are not well understood. In this article, we provide a comprehensive longitudinal study to answer these questions, analyzing over 900,000 text messages sent to public online SMS gateways over the course of 28 months. From this data, we uncover the geographical distribution of spam messages, study SMS as a transmission medium of malicious content, and find that changes in benign and malicious behaviors in the SMS ecosystem have been minimal during our collection period. The key takeaways of this research show many services sending sensitive security-based messages through an unencrypted medium, implementing low entropy solutions for one-use codes, and behaviors indicating that public gateways are primarily used for evading account creation policies that require verified phone numbers. This latter finding has significant implications for combating phone-verified account fraud and demonstrates that such evasion will continue to be difficult to detect and prevent.