SEC continues ICO crackdown

The SEC is also going after the SAFTs, i.e. agreements by ICO issuers to issue tokens to investors at a future date. For the SEC these are to be considered securities. See here the Coindesk article.

This is also consequent with the recent guidelines issued by FINMA for Switzerland, which established that "whichever token will be issued post ICO is to be considered a security. Therefore the procedure known as ICO pre-sale or pre-financing shall be avoided if you do not want to fall within the application of Securities Law". See point 3 of my article "The Swiss lead as the ICO hub of the world."