I mean, maybe if the currency is pre-mined and you're buying a token from a seller. But what about Satoshi? Did Satoshi issue a security by releasing the blockchain? I mean, all he did was write a program and released it in the wild. That fact that other people decided to give value to his tokens doesn't mean he sold securities to the general public.

I think we need to reconsider from the ground up how securities should be regulated. There's been some promising rhetoric with the Jobs act but it seems like mostly talk with the SEC dragging their feet.

I remember explaining Reg-D to a progressive friend of mine. His initial reaction was that I'm making the law up, and there's no way the government actively prevents non rich people from early stage investing. We took a bet and I won. When I told him reg-d is backed by progressives then all of a sudden he saw the value in it. Funny how that works.