This was a great write up. Sadly I just saw it.
I do think it misses the point. All of crypto is rebellious vs any legal system and lives outside of it. ICO or Bitcoin token alike are not legal and only work without the existing legal systems. Any form of sec or other legal entity having any influence on it thru law i.e. Without partaking in the economic incentive structure weaken and threathen the system while the crypto currencies threathen the legal system entirely as well.
The legal system has two choices: allow cryptos by ignoring them or fight them. Of course hybrid approaches may work also. However the result by the cryptos is the mirror imagine. If they are being ignored they too will ignore the existence of the legal systems and if fought they will to more parts rely on decentralized solutions for economic interaction, disobeying the laws. Example exchanges: if it is illegal to exchange decentral exchanges must and will evolve.
As such cryptos should from the start try to be as independent as possible.
RE: Are Most Cryptocurrencies Doomed to Collapse — because they’re “ICO-issued”?