[elmar]

For the SEC looks like there’s a clear difference between pure crypto-for-its-value and as utility to run a network (like ETH or BTC) and tokens which are sold in some ICO with the promise of gains in return (or shares in some structure), even if the second kind of token also has some utility.

https://techcrunch.com/2017/12/11/with-markets-going-crypto-...

[Erlich_Bachman]

I'm very impressed with this stance by SEC. It's very well informed and it reflects the practical reality and nature of those crypto tokens. They move in to regulate what needs to be regulated (tokens susceptible to scams against naive users), and leave what doesn't need to be regulated alone.