I'm sorry, I didn't mean to read your claims uncharitably. I'm not sure I get your point now even though you've told me you were being sarcastic. > I am unsure

I'm sorry, I didn't mean to read your claims uncharitably. I'm not sure I get your point now even though you've told me you were being sarcastic. > I am unsure how you read it as why the SEC came about. Visiting your original statement: > I admit I am not that knowledgeable on possible history where too many did fraudulent filings requiring this individual-lawyer-review preemption. This "possible history where too many did fraudulent filings" is the history immediately preceding the creation of the SEC, the period before and during the Great Depression. Things like ICO scams are exactly what the SEC was created to respond to. Securities with no inherent value driven by speculation. I'm sure many will argue that this is unfair to the law abiding ICOs and that's true. But the SEC prevents a deluge of fraudulent securities from taking peoples money and doing the damage in the first place.