“Let's Run The Experiment”: about DAOs and the future of organizations online
I really struggle to see how most DAOs and cryptocurrency efforts aren&#x27;t mostly just ways to skirt around existing financial security laws.<p>For example, could organizations give stocks&#x2F;shares&#x2F;tokens&#x2F;choose-your-security-name to users of a platform in the current (US) legal environment? I don&#x27;t have the legal background to know. Can they sell private securities to any user? I think no because it would go against accredited investor laws. Also, I think if they&#x27;re selling to an open public, it might violate SEC laws by being a public security, not a private security, unless they also reported truthfully about risks, etc., to the SEC.<p>So what if the law got rid of the accredited investor requirement? Or got rid of the reporting requirements for public vs private securities?<p>So I think one part is that companies aren&#x27;t legally allowed to sell private shares to just any individual and if they do sell to any individual, they aren&#x27;t legally allowed to not report to the SEC.<p>I think another part is that I wonder how many companies actually want more cooperative&#x2F;democratic style ownership. Cooperatives (one member, one vote) have struggled to get investment because of that precise equality in decision making. [edit-added] And also, a more equal profit-sharing may not be in the interest of many people wanting to become the next unicorn billionaire.<p>So it makes me wonder how many of the orgs using DAOs are doing so because they want to become more equal cooperative-like orgs, and how many are doing so to skirt securities laws.