This is a clear indication that (digital) ICOs are in the cross hair of the SEC and captured by existing regulations (according to the SEC). My take is that US Investors will now be even more excluded from any future ICOs as was already the case. Although undoubtedly the regulations also serve to avoid investors buying tokens of 'nothing' and requiring issues to do their homework, a lot of innovation and first-mover market building will happen elsewhere. But I cannot imagine that other regulators will wait very long with their similar response.