[TaylorSwift]

Here's one of the most recent take from Chairman Jay Clayton for ICOs not following state and federal securities law:

applaud our fellow regulators in the United States and Canada who are coordinating and participating in efforts to police fraud in the Initial Coin Offering (ICO) markets. These state and provincial regulators play a critical role in protecting Main Street investors.

When investors are offered and sold securities, whether through traditional channels or through an ICO on a sales-oriented website, state and federal securities laws apply. These laws have applied to our securities markets for over 80 years. At their core, these laws require full and fair disclosures of material information about both the securities and the venture being funded. Unfortunately, some market participants seem to believe that the use of new technology provides a basis for ignoring the core principles of our securities laws. In the United States, we have built a $19 trillion dollar economy by facilitating investments in our public and private capital markets through our disclosure-based approach to regulation. Certainly there are improvements that can be made to our regulatory system. There always are and we are pursuing various initiatives to increase efficiency and enhance investor protection. But there is absolutely no case for abandoning our core principles. I know NASAA shares this view.

source: https://www.sec.gov/news/public-statement/statement-nasaas-a...