Crypto Tokens - What's the Right Regulator?

The SEC should be involved here, but have a framework that allows crypto tokens that are in the process of decentralizing to provide a more limited scope of disclosures. So I think that's a place where there's a legitimate role for the SEC here because the project should legitimately be seen as similar to the securities that the SEC already regulates. And then I'll let Jack continue on because these are nice long answers.