There was no ruling from SEC.

They talked aboat a spsific project, "The DAO", and said;

The United States Securities and Exchange Commission’s (“Commission”) Division of Enforcement (“Division”) has investigated whether The DAO, an unincorporated organization; Slock.it UG (“Slock.it”), a German corporation; Slock.it’s co-founders; and intermediaries may have violated the federal securities laws. The Commission has determined not to pursue an
enforcement action in this matter based on the conduct and activities known to the Commission at this time.

PPT is doing great, trading at 0.01232 PPT/ETH at EtherDelta. ICO price was 0.0011, so
UP 1020%

Also, there is something called Ex Post facto. If a new law is applied, breaking that new law is not illegal if it was done before the new law came into action. So it doesn't matter to Populous if the SEC wants to be an ass. https://www.quora.com/If-a-crime-has-been-committed-then-a-law-is-passed-after-the-crime-is-committed-do-courts-follow-the-old-or-the-new-law-when-trying-the-case