Yeah that makes sense but that's not what I was meaning to point out. You said this: > You can issue stock that pays dividends in piñatas. If it's sold to Amer

Yeah that makes sense but that's not what I was meaning to point out. You said this: > You can issue stock that pays dividends in piñatas. If it's sold to Americans, the SEC has jurisdiction. So whether or not the stock issues dividends in eth, USD, pinatas, or not at all, doesn't matter. The SEC "has jurisdiction" simply because a stock is already a security to begin with, right? What I'm asking is, if dividends are not relevant, how is the SEC able to step in specifically in regards to dividends in this case? The way you phrased it, I would understand it to mean that if you can hold the token (or stock, equity, security, etc) on behalf of a user to begin with, then you'd be able to issue the dividends without further approval. Is that understanding incorrect?