I doubt the SEC would buy that argument. Due diligence is orthogonal to equity structure. That is, you could have ventures built around traditional equity struc

I doubt the SEC would buy that argument. Due diligence is orthogonal to equity structure. That is, you could have ventures built around traditional equity structures but with crowd-sourced due diligence, and you could have ventures built around crypto-equity but without any due diligence requirement at all. Put another way, the fact that a publicly traded company permits any shareholder to inspect its books at any time does not eliminate the company's obligation to make regular filings with the SEC.