> This begs the question of what differentiates Bitcoin? I don't agree with the thrust of the argument either, but I think it's a genuine assertion and not be

> This begs the question of what differentiates Bitcoin? I don't agree with the thrust of the argument either, but I think it's a genuine assertion and not begging the question. > Now I’m also of the radical opinion that securities are actually a type of token (tokens being a general class of financial instruments like coins, securities, currency, or any asset) - not the other way around, and the law needs to be rewritten to accommodate this. I broadly agree with this view! However, I think the law is better suited to get out of the way and gracefully allow the inevitable separation of token and state.