Should we observe a securitization from a legal standpoint within the crypto industry then the ecosystem will fall inevitably under Dodd-Frank which would have advantages and disadvantages associated to it. The situation of current inadequate disclosure may thus get mitigated, however, a challenge that may arise is that participants are likely to move to more favorable legal jurisdictions and simply avoid the US market.
We have already observed this in the traditional fund industry, where a large proportion of funds are offered globally to investors with the exception of being available to US citizens, US residents and US tax residents.
@cryptovestor: is there a way to send you a private message to shed more light on this?