I just want to add my 2 cents. As the author of this post said, Polymath wants to make ICO's look more like IPO's in a way – they want to attract large institutes by making those ICO's legal. The idea is good and pretty much useful for developers and investors, but the thing is that Polymath itself does illegal ICO – it issues tokens, that are defined as regular securities and shall be registered. Currently no legal actions were seen on the side of Polymath, so I believe that it is either a scam or they just forgot to look at the laws of the USA. Or maybe I missed something.