Ok, I'll agree you can have securities without KYC, that's true. But that would eliminate many jurisdictions from offering them, as every country has securities laws. The company or government the securities are drawn on do need oversight and enforcement though, otherwise you'd never see a timely or honest earnings statement, yield's could change, insurance would get crazy, and there would be no legal claim by the securities' holders. That's kinda the thing here though, how strong is the legal claim of Volcano Token buyers? Who's going to pay for and invoke the international court for recovery?