Everything you said is totally true, which is why the SEC will block it. The most they could do is set aside 10% of the shares and let users proxy vote them, bu

Everything you said is totally true, which is why the SEC will block it. The most they could do is set aside 10% of the shares and let users proxy vote them, but I don't think that using them to back a cryptocurrency is going to fly with the SEC. I know a lot of people like Bitcoin because it's magical internet money with no rules, but financial markets are regulated for a reason. I don't think the SEC would have a problem with the method (using a cryptocurrency) but rather the reason (using a cryptocurrency to avoid SEC IPO/ownership rules). If Reddit were public, I don't see a problem with using their stock to back a cryptocurrency. But it's a loophole big enough to drive a truck through, so the SEC needs to close it before the con men descend.