Innovation in the blockchain space doesn't require and is in no way helped by loosening securities laws. Securities laws are for investments, to protect investors. Blockchains and crypto do not make investments special in any way, although the crypto community at large mistakenly that crypto as an investment is blockchain's best (sometimes only) use case.
And even if blockchains were a special type of investment, they would on average be one of the poorest investments in history. Sure some people might have made money on the FOMO hype and manipulated pumps of individual coins to date but 99.9% of them have zero underlying value, and when the crunch hits they'll collapse to worthlessness without looking back. To bring it full circle, this paragraph sums up why we have securities laws…to protect investors from ponzis and other obvious scams (with or without blockchain)