Thanks for the article. I was surprised and also not surprised at the SEC's lack of oversight. When I dealt with them in the past, there had a lot of educated people (MBA's JD's etc) but not many with deep industry knowledge.
I think that you watched some of the "ICO" videos that came from Howard Mark's Start Engine seminars. Mark's is really trying to educate the public and corporations attempting to invest or make offerings. The security attorneys that he had there were spot on and ahead of the SEC in understanding of how the regulatory environment would evolve. From that aspect, I am impressed with Mark's and what he is trying to do
On the other hand there were some very wealthy but naive young entrepreneurs who seemed to think it was the wild west and they were immune to regulatory oversight.
There also seems to be quite a bit of confusion regarding investments in this space. Some offerings require you to be accredited, others do not.
Over the past year, I have placed a few "funny money" investments in startups but all are definitely securities. Something else that is confusing is that some securities utilize their own token within their ecosystem.
Appreciate the interesting article and it may serve as impetus for me to catch up on my reading.