One of my main concerns with this type of fundraising schemes in which tokens are not a pure utility, but start behaving as a security, is that they tend to require a level of centralization. For example,
- in order to charge 1 USD to open an account in Peepith, you must set an entry toll. Who controls it?.
- in order to have revenue and redistribute dividends, the organization needs to “be honest” about the revenue it generates, but no one will assure the token holders that the organization won’t hold parallel account systems to hide part of the revenue.
You mention this issues in part in the Regulation section of your post, but I believe it’s not just a matter of regulation as a bureaucratic problem, but a real problem of how to handle trust and accountability in decentralized projects.
My best bet for this is Aragon (or any other), virtual jurisdiction. By the way.