From a timely ICO reality check
"The message from the TokenLot’s case is that those who want to cater to investors in digital tokens will need to adhere to S.E.C. oversight of their exchanges. Although becoming a broker is costly, a firm that does so could use that status as a marketing tool by telling potential customers that they will be much safer trading through its platform than on unregulated exchanges where assets could be stolen with no recourse for the victims. Like car companies that tout their safety measures under rules they long fought, a properly registered broker can offer much greater client protection that customers may be willing to pay up for.The Taming of Initial Coin Offerings -- NYT
Initial coin offerings have raised billions of dollars over the past few years, and that much money is sure to draw the attention of the S.E.C. and the Justice Department because of the potential for scams. Any slice of the investment universe that claims not to be subject to regulation is unlikely to stay that way for long before the government demands that the players follow the same rules that apply to everyone else trying to raise money from the public."