Take TheDAO for example. The operating agreement and equity distribution is codified on the ethereum blockchain. "Who leads the company" is a global set of public key holders that can direct the contract in real time.
Now, this isn't to say an investment is safe because it's accountable and transparent -- but the mechanics that govern the organization is now something that can be put on autopilot without human intervention.
The only thing that reduces risk is proper due diligence. Relying on the SEC would be a mistake and I expect this market to be filled by some kind of prediction market (see augur).
It seems you're willfully conflating an implementation with the theory. The success or failures of the DAO has no bearing on the idea of digitizing and decentralizing financial services.
Now, this isn't to say an investment is safe because it's accountable and transparent -- but the mechanics that govern the organization is now something that can be put on autopilot without human intervention.
The only thing that reduces risk is proper due diligence. Relying on the SEC would be a mistake and I expect this market to be filled by some kind of prediction market (see augur).