Too many options in the poll. I can't even figure out how to vote.

My opinion is that no one really knows since these laws are incredibly unclear, basically written to give maximum power and abusable discretion to regulators and prosecutors. ICOs seem like the most obvious and highest risk (the securities law issues arise before the coin launches at all). Trying to call it a crowdfunded product seems quite weak when there is obvious intent and expectations by nearly all participants to treat it as an investment (i.e. economic reality trumps fine print). I'm looking at you Ethereum.

Other cases become less clear. Plausible arguments could be made either way.

If you want zero risk, don't play. I'm pretty sure that is somewhat by design. The investments industry doesn't like disruption or competition from technological change, upstarts or scrappy independents.

In general I don't think stepping aside helps much. Whatever you did before you stepped aside is probably enough for culpability if money changed hands.