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RE: SEC Bulletin on The DAO and Crypto ICOs - Concludes Many are Securities, Subject to Federal Securities Laws
^ That is the most probable case, I agree @bitcoinsig.
Expect that most ICOs going forward will be explicit in their whitepaper about their non-security status.
This may open the door to more regulated coins with more institutional investors though, best to be optimistic, the SEC was kind in their statement about the crypto market space.