It is impossible to know what potential rulings on crypto and tokens the SEC and ruling.
However, by using a securities exemption from registration (Reg CF, Reg D and/or Reg A+) and just delivering the security sold (debt, equity, investment agreements, etc.) in electronic certificates in the form of tokens (a cryptographic form, ie. blockchain) versus physical certificate, or a PDF file or ceremonial certificate as book-entry form, or electronic notifications from a custodian (e.g. Schwab) of fractionalized ownership in a single physical certificate that has been placed with another custodian (DTCC), we think not much can change. Of course, we do not know what we do not know.