The real question is:
What makes you think that Securitized Token Offerings (STOs) aren't regulated crowdfunding?
Crowdfunding consist of 3 elements:
1. A human looking for money
2. Goes on the internet and ask strangers for money
3. In exchange for their good, product, service or use/equity/obligation for using their good, product or service.
If you do "unregulated" crowdfunding, good luck. Thats called an "ICO". Where as an "STO" doesn't actually exist and is just a fancy marketing term for debt/equity crowdfunding. How do STOs not exist? There is no such thing as a "token offering". It was a term made up by a lawyer or a marketer to attempt to add sexiness or gray area to existing JOBS Act regulations. Its like saying "I'm going to securitize a gummy bear offering." What is a "gummy bear offering"? Its the same thing as a token offering. Its a made up financial instrument that ultimately is crowdfunding. Whether its donation, debt, equity or royalty when you use the internet to solicit support, from strangers, thats crowdfunding.
Here are 2 videos that provide additional context.
Love the question and keep them coming!