I think you have to ask a basic question first. Why issue a Security Token rather than just selling shares in your company? Unless there is a specific exemption under Swiss law, the rules are going to be the same, so what is the advantage of a token?
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I would think that an STO would be more established in a legal sense. For operators that know their business model, broad rules for selling shares in an organization might be disadvantageous when operating in a constantly innovating environment like crypto. Having STO rules for networking organizations to comply with may protect real world assets.
But, I have not had the time to dig into the legal aspect. Nor do I know how much laws can be altered under Swiss law or the US for that matter.
Unlike Bitcoin being considered freedom of speech, I am unaware of how protected the capacity to work (or be an employer) is under the constitution.
For example, Amazon may buy up a town and incorporate it, thereby making all residents under its governance free to employ under US law. However, if I open a business on the ground floor of my apartment building, I may be within my legal right to employ tenants as it exists in a commercial zone, but those who must use government owned land to travel to my business may be illegal to employ under US crypto laws.
U know, like, how current media chatter is about giggly, under-the-breadth :) stuff nowadays.
True that, @apshamilton. I asked myself the same question reading the post. Since both avenues, though seemingly similar, target different investor segments, I was assuming, they were after a specific audience. Selling tokens might work better for certain types of businesses and industries than others.
From a regulatory standpoint though, you have a point.