much of the time, the crypto ecosystems seem to be built by pretty centralized teams, and the tokens are sold as more or less stock in a new tech company with a promising idea started by a promising team.
You can see why people in crypto like this! It combines regulatory arbitrage with a certain exciting philosophical newfangledness. You can see why the SEC does not like it! The SEC knows all about “ the countless and variable schemes devised by those who seek the use of the money of others on the promise of profits.” The SEC is the regulator getting arbitraged. And it is not happy about it.