If the ICO tokens are tied to some reward on acquisition, then how is it any different from other securities? May as well just sell equity at that stage (perhap

If the ICO tokens are tied to some reward on acquisition, then how is it any different from other securities? May as well just sell equity at that stage (perhaps through something like seedrs, which accepts small investments too). If it’s basically just a security like any others, why should it bypass the regulations? If it walks like a security and it quacks like a security, then everything else is just a technicality: it’s a security. Also, what benefit does using a cryptocurrency even buy you here other than as a technicality to attempt to sidestep the laws? Maybe the laws should be relaxed to open it up to more laypeople, but given how easily people get burned and scammed at this stuff, I’m not fully convinced (penny stocks anyone? Or even Bitcoin: yes some people got rich and others will get rich in the future, but there’s a very high chance that a lot of laypeople who bought in recently because of the price surge are going to lose a lot of money). The point of “accredited investor” is that they can afford to lose their investments.