[zekevermillion]

Yes, I'm a lawyer. I'm not your lawyer though. And it doesn't matter -- even non-lawyers are capable of reasoning about legal topics. You do not appear to be a lawyer, yet you have an opinion.

The takeaway from this article is just wrong, b/c it implies that the SEC thinks token presales are all inherently fraudulent. That is not correct.

Many ICO's are illegal securities offerings, probably. And many are also fraudulent. These two things often overlap. They are not equivalent though.

Howey is a FACT DEPENDENT TEST. That means, if you are planning any kind of token offering, you have to get advice about your specific circumstances.

As a heuristic, "stay away from ICOs" is pretty solid. No one will be harmed by this. Many people will be harmed by participating in crappy ICOs, either as promoters or buyers.

However, HN is a forum for technical discussion, and I'm criticizing the technical basis of that article.