My biggest concern for the whole crypto industry right now actually is strong regulatory action. The problem is that a lot of these things look, smell, and act

My biggest concern for the whole crypto industry right now actually is strong regulatory action. The problem is that a lot of these things look, smell, and act like securities, and a lot of people think that all tokens should be classified as securities (including regulators). I can understand that position, because many of the tokens and ICOs today are structured like securities and as speculative investments, and are primarily used as a way to make fast money instead of as a way to move technology forward. And people are using them that way, and I agree that we should be regulating these types of structures. The problem when you start to believe that all tokens should be classified as securities. Tokens like bitcoin and siacoin have important uses and advantages that go beyond speculation and cannot exist absent a blockchain token. If the everyday consumer needs to comply with securities law in order to use bitcoin, you won't get to the future where YouTube videos are being streamed over a decentralized CDN, where WSJ paywalls use decentralized payment platforms, where various ecosystems can interact seemlessly and trustlessly thanks to the power of decentralization. I worry because more and more I am seeing posts that are skeptical of the actual utility of "the blockchain" (much like during the dotcom bubble we started seeing people who were more and more skeptical of the utility of "The Internet") when the utility does exist and with the blockchain legitimately is a world changing technology. But taking full advantage of this technology means allowing consumers to interact with it (buy, sell, trade, etc.) with as few barriers as possible, and that means that when we bring forward appropriate regulation, we need to make sure we carve out places for tokens to exist other than centralized, regulated exchanges. (though, perhaps only tokens following XYZ criteria)