I'd love more details and a source about how all these people have tried and the applications get mired in bureaucracy. Does the process takes too long? Does the SEC demand information they don't have? Bureaucracy takes lots of forms, so something ending up mired in bureaucracy sounds like a bad thing but could also just be the bureaucracy working as designed. A drug manufacturer could describe a drug as "mired in bureaucracy" when what they really mean is "the FDA didn't like the results of our trials".

If it's the speed of it, I can agree that the government is slow, but it's generally accepted as the cost of doing business in a regulated sector that you wait for regulatory approval before proceeding. There's work to be done making things more efficient, but in the meantime everyone still needs to play by the rules.

If it's missing information that the SEC is demanding, that information is required for a reason. If it doesn't apply to your token, maybe your token is broken by design?