The SEC is not preventing blockchain companies from selling securities, but only requiring that the same rules be followed that would allow me to sell shares of

The SEC is not preventing blockchain companies from selling securities, but only requiring that the same rules be followed that would allow me to sell shares of my gold mining outfit to the public. The problem isn't risk at all, like you said, plenty of securities sold to the public carry enormous risk. The regulations are in place not to prevent failed businesses but to ensure shareholders get their fair due when a business succeeds and have a basic set of facts when considering investments. Overstock, for instance, has been able to offer their securities on a blockchain. Their application is different from TON but it shows there is a path to doing this if you follow the rules.