Just curious, and not looking to get into a long-running discussion over this, but if Waves is domiciled in Europe somewhere isn't it really the responsibility of US investors to obey US laws, not some foreign organization?
IANAL, but apparently US law goes after the issuers if they market them to non-accredited US investors. There may be details and exceptions. There is an
entire thread on this topic.
Secondly, they are selling tokens, not shares in a corporation. How is what they're doing different then selling any other token (postage stamps, old coins) or commodity that goes up and down in value?
That linked thread explains the Supreme Court Howey test. Key criteria is the n00b (non-accredited) investors are relying on the future actions of issuer for the expectations of profits.