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RE: US SEC Ruling on the DAO May Have Chilling Effect on ICO Investment
Not all ICO's are securities:
Depending on the facts and circumstances of each individual ICO, the virtual coins or tokens that are offered or sold may be securities. If they are securities, the offer and sale of these virtual coins or tokens in an ICO are subject to the federal securities laws.
Source: Investor.gov bulletin
It depends on whether the SEC considers them securities or not though.