This is something we are saying from the very beginning. ICO era will end sooner or later. Fundraising in an unregulated manner when everybody is trying to say that they release utility tokens can't stand.
Neufund stands that it's a kind of security (depending on jurisdiction there might be different classification) if you use tokens for funding of the company (which was exactly said in the latest Swiss regulatory publication). It doesn't matter if your token has a utility function or not.

Tokens that Neufund platform will create are by design regulated and classified in form of securities. Companies that will fundraise on the Neufund platform will have to file a prospectus (which type depends on the funding schema). Normally it's a hard process but that's the point where we have a predefined forms and templates and it becomes fast and fairly easy.
Neufund never tried to avoid regulations but to comply with them from the very start.

So to make the long story short - this was anticipated for a long time and we believe that the future is with the Equity Tokens.