I have not heard too much talk regarding the recent (July 25th, 2017) release of the DAO Investigative Report. It clearly states that US citizens who participate in ICOs that are considered securities can be legally held liable. I understand no charges were brought in this case in particular, but what does this mean for US citizens who invested into other ICOs?

Full report: https://www.sec.gov/litigation/investreport/34-81207.pdf
US Investors held liable: http://imgur.com/a/IcNYx


Recently the SEC declared the DAO as securities: https://www.sec.gov/news/press-release/2017-131

Basically this means that they are subject to the agencies regulations. From their standpoint, these tokens are a form of shares and selling them without licenses violates federal securities laws. Many people who were unable to access ICOs because of geo-restrictions used VPNs. From my knowledge, the reasons ICO providers prevented US citizens from participating was to protect themselves legally from the United States government. That is true, but also note that the investor themselves can be at fault as well.

Reference this thread by Marco Santori, who is well known when it comes to law and cryptocurrency. He had this to say about the recent SEC statements. Please pay close attention to #6. Let me know your thoughts!

https://twitter.com/msantoriESQ/status/890200014370287620
https://twitter.com/msantoriESQ/status/890187373828616192