The FCA and the SEC are both controlled by the banking elite. I host in the US, so any site I hosted needs to comply with SEC and FCA regulations, and it makes life easier if you try to follow their guidelines, especially if you have an international range of members. If fact, if you have an investment policy which is based on voting and suggestions by members, then I believe it does not have to have government approval. I think you are suggesting this structure anyway.
I don't think any fiat would be a good unit of valuation. In fact Bitcoin, despite its volatility, may be the best. Members can always buy a portion using fiat, and transfer that easily. You need to use Bitcoin to buy most of the alts. You will also need to decide on the wallet holder(s), and I would suggest that it needs to be a member with at least a green trust ranking of 20.
![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif)
I'd be interested in participating in two types of club. One would be a simple investment club, and this could have individual investment, or a group holding. The other would be a more sophisticated club, and would include the use of tradable security tokens, and their value would be determined by the value of the club investments. I'd be happy to provide domains and hosting if members felt that this would be useful in either case.