The crypto token “liquidity” feels off. Do accredited investor regulations not apply to this market? Is the crypto token a registered security since it apparen

The crypto token “liquidity” feels off. Do accredited investor regulations not apply to this market? Is the crypto token a registered security since it apparently represents stock in a company? I’m turned off because it sounds like the company wants to play fast and loose with money in a way that is more than just “move fast and break things”.