The problem is that you need a decentralized SEC, that somehow obviates the existing SEC, and all other similar government-empowered agencies all around the world. Good luck with that. You've got a long road to hoe just to convince people that's a good idea; it certainly isn't obvious to me. Without that power inevitably just collapses back to the central authority for all kinds of reasons. (Many of which are the reason why the stable solution in the existing economy is indeed the existence of a distinct SEC.)
