At long last the SEC have announced that a 'rule book' will be coming out so investors and ICO's and STO's know what they can and can't do, in regards to what is a security & what is not.
The fear of stepping over a line in the sand which has not even been drawn, has been holding back developers from coming to market with new & innovative ideas.
Hopefully this doc will arrive sooner than later, for the SEC & US$ sake, because the USA could be left behind in the crypto wave.
Time will tell
https://www.coindesk.com/sec-commissioner-peirce-confirms-guidance-on-crypto-tokens-is-coming