[unyttigfjelltol]

The problem is you get caught in a lot of red tape if you want to issue securities with no intrinsic value whatever. For good reason-- the SEC's mission is to stop scams and a valueless offering is the archetype of a scam.

Isn't crypto more like a service, rather than any of those things? You deposit some, withdraw some, and in between you get an account. Like a banking service. Which is when the banking regulators properly should shut it down.