> I admit I am not that knowledgeable on possible history where too many did fraudulent filings requiring this individual-lawyer-review preemption.
So youre criticizing an institution while being ignorant of the conditions that caused that institution to come about? I suspect you’re not alone in this thread but this kind of ahistoricity makes it impossible to have any kind of reasonable civic discourse. Democracy demands that we educate ourselves. Read about the Great Depression, the creation of the SEC and why it was needed in the first place. The current situation with ICOs where you have some legitimate businessses and some scams advertising themselves to Main Street investors is very similar to the situation with securities before the SEC.
Sigh. No, I specifically said I am not aware of the historical reason that preemptive gatekeeping was chosen in lieu of normal enforcement. I am unsure how you read it as why the SEC came about. Regardless, it was a tongue in cheek way to say it's an abnormal law enforcement approach not based on failure/need.
I'm sorry, I didn't mean to read your claims uncharitably. I'm not sure I get your point now even though you've told me you were being sarcastic.
> I am unsure how you read it as why the SEC came about.
Visiting your original statement:
> I admit I am not that knowledgeable on possible history where too many did fraudulent filings requiring this individual-lawyer-review preemption.
This "possible history where too many did fraudulent filings" is the history immediately preceding the creation of the SEC, the period before and during the Great Depression. Things like ICO scams are exactly what the SEC was created to respond to. Securities with no inherent value driven by speculation. I'm sure many will argue that this is unfair to the law abiding ICOs and that's true. But the SEC prevents a deluge of fraudulent securities from taking peoples money and doing the damage in the first place.
So youre criticizing an institution while being ignorant of the conditions that caused that institution to come about? I suspect you’re not alone in this thread but this kind of ahistoricity makes it impossible to have any kind of reasonable civic discourse. Democracy demands that we educate ourselves. Read about the Great Depression, the creation of the SEC and why it was needed in the first place. The current situation with ICOs where you have some legitimate businessses and some scams advertising themselves to Main Street investors is very similar to the situation with securities before the SEC.