The eight page accessible and very readable bill says: A developer or seller of an open blockchain token shall not be deemed the issuer of a security
if the token has not been marketed by the developer or seller as an investment; the token is exchangeable for goods or services; and the developer or seller of the token has not entered into a repurchase agreement of any kind or entered into an agreement to locate a buyer for the token.
Interesting. Except the tokens goes directly into use without any ICO, I sincerely doubt how any company doing an ICO will circumnavigate the quoted clause above. This is because ICOs are all about raising money which the contributors of such money will definitely see as some form of investment.