I created the thread(s) that attempts to decipher what the existing law is on this issue:
https://bitcointalk.org/index.php?topic=1218399.0I have concluded that offering an ICO/IPO is incredibly risky for the developers and insiders. I think the G20 will eventually come after them in a concerted cooperation by governments to appease the voters who are fed up with corruption in government and banking. The G20 will use this as a political witch hunt to divert attention from the sovereign debt collapse that socialism created.
Having said that, philosophically I would wish for absolutely no regulation and let fools loose their money because they are fools. That should move the money to those who aren't fools and thus make the economy more productive.
But making decisions based on what I wish to be, is not a pragmatic methodology. Being a lead developer on my own crypto project, I must obey the law that is, not my fantasies of what I wish it would be.