Initial Coin Offerings Horrify a Former S.E.C. Regulator

From article:

Joseph Grundfest, who was a commissioner at the S.E.C. in the 1980s and is now a law and business professor at Stanford, said he had been contacting current commission officials and staff to urge them to bring cases, and fast.

“I.C.O.s represent the most pervasive, open and notorious violation of federal securities laws since the Code of Hammurabi,” Mr. Grundfest said in an interview.

“It’s more than the extent of the violation,” he said. “It’s the almost comedic quality of the violation.”

...

“We’re waiting to see a whole bunch of enforcement actions in this space, and we wonder why they haven’t happened yet,” he said. “I hope what they are doing is planning on a sweep of 50 I.C.O.s.”

Of course he's horrified. The whole point is to obviate the regulators.