I think you’re greatly overestimating the popularity of your opinion. If a ton of people didn’t agree with me the SEC wouldn’t need to step in and put a stop to it. It’s that so many people want to do this that they are now meddling.
I absolutely agree that lots of non-ancaps think the SEC should stay out of ICO regulation. But so far as I can tell, they haven't these arguments through. I've seen only two forms of pro-free-ICO argument on this thread:
(1) Special pleading arguments that suggest that despite the fact that tech startups have little to no inventory, trivially simple expenses, no financing obligations outside their equity raises, and, for the forseeable future, no significant revenue --- that is, despite the fact that tech startups have virtually none of the attributes that make producing audited financials expensive --- they should be exempt from SEC disclosure rules.
(2) Arguments suggesting that adults should be free to enter into contracts without protections because regulations have been obsoleted by the Internet.
Argument (2) I get, and acknowledge. I do not agree with it, but fine.
Argument (1) though makes no sense, and if someone would take the time to pursue it carefully, I'd be thankful.
