In a new development, SEC Commissioner Hester Pierce has stated that not all initial coin offerings (ICOs) are securities. Peirce is different from many others in the regulatory world in that she seems to understand the decentralized nature of Bitcoin and doesn't view it as a "threat" as much as a new challenge to be understood and embraced. For example, in her latest speech, she states plainly: "Entrepreneurship and innovation do not have the happiest relationship with regulation."
Peirce also took the time out to point out that there are aspects of society that are already decentralized. She says, "Decentralization is nothing new…free markets draw on the talents and knowledge of people all across society to produce what society needs." However, she did recognize the revolutionary aspect of blockchain. Specifically, she pointed out that blockchain doesn't "fit neatly" within the agency's "securities framework."