I am researching it now. I remember reading that foreign companies are not allowed to market to non-qualified USA investors without registering the securities with the SEC. My IANAL understanding is that naming them "tokens" doesn't absolve the Howey test in the USA.

As for your personal culpability, you may or may not be adequately shielded by clever corporate structure, but I have learned in life that unethical obfuscation is bad karma. The mindset of the person required to do this, is such that they will find trouble in their life at some point. I would not participate in something like this because it violates my personal ethics. I can't stomach spending the money of n00bs who I abused in a greater fool theory of investing, My concept of investing is one where everyone who joins benefits from a greater productivity that is created. If there is risk, I want to know in my heart that I didn't let the n00bs invest until that risk had been minimized by actual market acceptance of the product of the company.  Pre-selling pipe dreams to n00bs is despicable in my opinion. Sorry.

Disclaimer: IANAL and readers should consult their own professional advisor.