"We're at a point right now where I think the SEC is sticking their heads into an area they don't belong," said Michael Terpin, founder and CEO of Transform Group, at TheStreet's Investor Boot Camp. 

Terpin added that meddling regulators have hampered investment in the form of initial coin offerings (ICOs) in the U.S. by offering stark regulatory threats. "I think that's a shame," Terpin said. 

But Vince Molinari, CEO of Templum Markets, vehemently disagreed. "I think what we have to be very careful of is our aspirational thoughts of what we think things should be versus what they actually are today," Molinari said.

The two drew extensively -- in one direction or another -- on the Howey Test, a test created by the Supreme Court for determining whether certain transactions qualify as "investment contracts."