Should the SEC be regulating ICO's, and if so based on what criteria.
This article lays out the basics, but what it really boilds down to is the SEC are using 'rules' that were never designed to deal with such things. Importantly why is a regulator like the SEC making laws, or determinations of law when most countries don't actually have a written rules book in the first place.
Time will tell
https://www.coindesk.com/the-future-of-icos-in-the-hands-of-regulators-or-innovators