I asume you are not a lawyer but there are some elements that wont comply with this when platform is launched (lack of control -we can choose not to participate or which property to invest-, also pooling of income..) .
In any case they are regulating it, so i do not see whats your point. I am pretty sure what they say is true.
No I'm not lawyer, I'm a RE professional who has to deal with law on everyday basis. Are you a lawyer? I kind of doubt that since you confuse "management of the property" with a possibility of choosing which property to invest in. These are two completely different things.
What regulation do they claim is holding them up? SEC seems satisfied with real estate-based ICOs as Reg D and Reg S offerings; its just a bit more work complying with those regulations, far from impossible.