They are going after the caveat emptors and greys too because they are not registered securities either. The simple fact is no one is going to sue FINRA or the DTC over penny stocks, especially when they are working under indirect orders from the SEC to cut down on the BS that goes on in pennies.
there are also a lot of Legit companies that do try to get off the ground this way to me
There are a lot of legit companies that try to get off the ground by registering with the SEC, why cannot the companies that you claim or legit do the same thing? Basically this is what it comes down to: the SEC wants all publicly traded companies to be registered with them so they can cut down on fraud. Don't want to register with the SEC? Don't become a publicly traded company. That's the direction we are headed in, IMO.
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