>These VCs and their lawyers are not morons Of course not, they're smart people trying to finagle exceptions to the regulations to enrich themselves. >Also, I

>These VCs and their lawyers are not morons Of course not, they're smart people trying to finagle exceptions to the regulations to enrich themselves. >Also, I don't disagree that a ham-fisted SEC regulator could easily argue that Filecoin post-launch is a security "ham-fisted" meaning properly applying long-established standards to what are clearly, without question, securities. The only people arguing otherwise are the wealthy investors who stand to gain from an alternate ruling.