Not all ICOs are the same. Their parameters (for example is the token for utility or just for speculation) vary. There is a test in law that people can apply

Not all ICOs are the same. Their parameters (for example is the token for utility or just for speculation) vary. There is a test in law that people can apply to try and tell whether a specific ICO is a security or not: the Howey test. http://consumer.findlaw.com/securities-law/what-is-the-howey-test.html http://consumer.findlaw.com/securities-law/what-is-the-howey...