In this case it seems possible that the end-product can be marketed to banks or finance business even if the kickstarter part was funded by a non-(US)compliant funding. Can still pass as a grey area.
I agree with you that it is possible, but it would require that the platform be
extremely compelling. Only in that instance will banks and other conservative, often heavily-regulated business touch anything in a gray area. We've seen how they have been very reluctant to get involved with Bitcoin, for example. It hasn't prevented a few trailblazers from venturing into that gray area, but only once Bitcoin reached a relatively enormous size and impact (relative to the apparent prospects of new crypto projects, not relative to conventional finance).
And even if that is the outcome, the banks don't need the tokens and its questionable history. They need only the open source code and the developers who know how to code on it. So again the developers and insiders get everything and the foolish n00b token investors get an empty bag.