Your other points continue to belie the ability to separate concerns that are clearly delineated in the law as orthogonal. I will respond to those in detail in a future post, but really if you don't have anything new and just repeating the same myopia, eventually I am going to see this as a waste of time. But I'll go one more round (or so) to see if you can (or have) presented any new point. That you apparently don't realize that you continue repeating the same point is instructive of your inability to extract the generative essence from orthogonal concerns which was quite apparent to me in the way you were responding in Nagle's thread.
Certain facts bear repeating, both now in this thread and in the past in the other threads.
You and other people tend to be missing the fact that most successful securities prosecutions in the USA were against promoters and sales agents. The courts spent very little time considering the nature of the underlying security. Most of the time was spent analyzing the "economic reality" of the promoter who sold "something" to the buyers and the promoter gained money while buyers lost money.
Erik Vorhees got of relatively easy because he astutely traded the Bitcoins raised by his issues and (after advice of his counsel) preempted prosecution by simply rebuying/repaying all the holders of his securities. Because the buyers had no loss to show the SEC had very weak case that basically consisted of "missing paperwork".
If you can design your "cryptographic protocol" in such a way that its users/buyers are highly unlikely to lose money and the managers/sellers are highly unlikely gain the money at the expense of the former, then it is the best defense against any prosecution in any jurisdiction.
One thing that you have in common with all the others successfully prosecuted in the USA is your plain and innate desire for attention and self-promotion. Conceivably you could be raising about the same money working quietly behind some figureheads (either persons or organizations). This is how the traditional securities industry is organized: the responsibility is spread over multiple layers underwriters, syndicators, sales brokers, etc. It seems like you abhor working with other professionals on the equal terms and always want to do it alone. In particular I clearly sense that you didn't even go to a friendly lunch with some securities lawyer. Your style of argumentation shows that you can't distinguish between "arguing the case" and "arguing with a person". Theoretically you could change and obtain a securities counsel
and listen to his advice. But I feel that that would completely go against your personality and your goals in life.
TL;DR: Yup, it is the
promoters that most often get prosecuted in the securities litigation.