Jeff and Miles are both right here imo. I do think there are regulatory implications for tokens with revenue *derived from the business of a centralized issuer* as Jeff's idea suggests. But that doesn't mean it should be prohibited by regulation, as it seems to be today. One aspect of crypto innovation is rethinking how securities can be structured. Tokens can drive value in far more interesting and dynamic ways than stocks and bonds. We need a regulatory structure to enable that innovation for all companies, even if they aren't building decentralized onchain products. SEC (pending shutdown...) should be pursuing two separate priorities: 1) a safe harbor for projects to launch tokens that are or will be decentralized, treating them as exempt securities while they remain in the safe harbor 2) a regulatory structure for onchain securities that allows issuers to innovate in how they design financial instruments that exist in a decentralized environment Jeff's idea fits under (2) and should be an explicit goal for the SEC in rulemaking to enable onchain securities.(Jake Chervinsky)