So basically, as far as you're concerned it's either pretend you're investing with shitty non-stocks you're aware are shitty, or else nothing at all (seeing as US Gov't regulated BTC is no longer BTC). This is a good way to go through life being sick (and/or being poor), and a fine way to starve.
That you imagine these are the options reveals the sorry state that newcomers and otherwise uniformed or emotionally clusterfucked parties alike have gotten themselves into.
I think that you should be able to buy with a centralized exchange you know will have legit securities, and a decentralized option that would save you money. You could easily list your security on both the decentralized/centralized exchanges offering both options while knowing that the security has met the regulations set in place to protect investors.
Im not 100% sure I understand what you mean but I think you are saying that it is impossible for bitcoin securities/exchanges to get registered with SEC. And the gov is not regulating BTC in that case they are regulating SECURITIES. They don't give a shit how you pay for your investments, they just want to make sure they comply with the laws that have been in place for 50+ years.
And is it impossible to register with SEC or is it that nobody has even tried because they like to pretend that by saying bitcoin is "virtual currency" they can get away with illegal activities.