You over-complicate things, It all boils down to this - ICO is not illegal, it's just crowdfunding. If you do some projections about future profits this is illegal.
Actually when you do ICO you're selling a product - token in a value transfer system.
Actually when you do ICO you're selling a product - token in a value transfer system.
TPTB trolls everyone with this his idée fixe. Better ignore his posts on this issue, sane counterarguments will just make him angry.
