Don't quote me on this as I am not a lawyer or anything nor do I live in the US . But I'm pretty sure they can't do anything with ICO's in other countries.

My reason for this thinking is because.. SEC doesn't exist in everyone else's countries. Maybe others but it doesn't in mine so really there rules don't apply because they have no say in those different countries.

So really if a ICO was doing things they didn't like but are in a whole different country that they have no jurisdiction in them in my opinion they can't do shit about it. They have no say in those countries and no pull.