The author is clearly most interested in scaring the bejeezus out of joe six pack coin investors. The language reads like a scare monger how to guide :

• "Selling highly tradeable instruments to the public is fraught with potential multi-jurisdictional legal jeopardy."
• "which potentially opens Pandora’s box of multijurisdictional legal jeopardy for issuers, exchanges, affiliates, and maybe even traders of the tokens"
• WARNING: Decentralized ledger tokens issued as securities....

Clearly the SEC is going to focus on cases that involve fraud. That being said, why bother with the risk? Here are some tips to avoid conflict with the SEC:

• Structure your ICO in a very ICO friendly domicile outside of the US and don't offer to US persons.
• Get solid legal advice in the jurisdiction of your offering.

The ICO market, just like many other industries before it, will flee from the US if the US has a bloated and costly regulatory framework for the industry. US politicians seem to never learn their lessen, hence the hollowing out of the US economy, which produces little, consumes a plethora, and has had a negative trade balance for decades. 20+ trillion in national debt is a ticking time bomb and choosing to domicile outside of that time bomb has some very attractive advantages the day that the US misses a T-Bill coupon payment!