The paragraph about broker dealer requirements is about that A requirement which did not spring from nature but has no usefulness for fungible consumer product

The paragraph about broker dealer requirements is about that A requirement which did not spring from nature but has no usefulness for fungible consumer products and simply hasn’t been revisited Without clarity from regulators it is impossible to simultaneously comply with FTC consumer regulations and SEC investor regulations as they are incompatible regulatory regimes which alter how things are marketed, promoted, traded and accounted for. And actually complying with SEC regulations means there is no where to trade it. There is a joke amongst securities attorneys about the Howey Test which is the premier securities framework from the Supreme Court “if Howey wanted to comply and register properly as a security how would he? Well he couldn't because they’re fucking oranges”. And that reality exists for digital assets today, yet the market is there and the risk:reward is extremely favorable. But what you might be missing from trying to nitpick specific regulations: The SEC will never ever ever fulfill its mission from Congress of protecting crypto asset investors by sanctioning crypto asset issuers, it will only hurt the investors in the current reality. Whatever it does in the equities space is not applicable here as the SEC's arbitrary adversarial actions provide the opposite of confidence in the crypto market and facilitating capital formation. It understands that part too which is a contributing factor for why its actions are limited pending modern direction from the legislative branch, and its prudent that you understand that as well.