I know that there aren't any US laws explicitly stating that Americans cannot participate in ICOs. The ICO issuers ban American participation in fear of future regulations. The SEC statements regarding the DAO only refer to the DAO specifically, but suggests that some, not all, ICOs may be considered a security. But are you committing fraud by circumventing the ICO issuers restrictions with a VPN? Thoughts? This isn't regarding the ICOs that now require KYC.