Creating a customized S-1 application for tokens is an interesting direction (at least the SEC is proposing something) but it seems totally inapplicable just by the mere fact that S-1s require SEC approval. Even worse: this implies that all tokens would be treated as securities... which is both false and wrong. 

The first step for the SEC should rather be to create an exemption framework to enshrine the concept of progressive decentralization allowing builders of decentralized networks to *compliantly* issue value accruing non-security tokens once their network is sufficiently decentralized.

Creating a customized S-1 application for tokens is an interesting direction (at least the SEC is proposing something) but it seems totally inapplicable just by the mere fact that S-1s require SEC approval. Even worse: this implies that all tokens would be treated as securities... which is both false and wrong. 

The first step for the SEC should rather be to create an exemption framework to enshrine the concept of progressive decentralization allowing builders of decentralized networks to *compliantly* issue value accruing non-security tokens once their network is sufficiently decentralized.
https://x.com/TheBlock__/status/1830855705005363509

co-founder at fairmint.com.
If you're a FF (Farcaster Founder) raising funds, stop right here and checkout fairmint.com. Or DC me :)