The US SEC has a long arm to prosecute, expose and jail any violators so the ICO developers did not include US citizens they do not want the SEC to come after them because it's citizens loses money on their project, so it's better that they play it safe by not including US citizens to their potential investors.
Have to agree with the SEC here. During the past two years, there have been thousands of scam ICOs and the investors lost many billions of USD worth of funds in them. Ironically, I can still see people investing in ICOs and losing money. I have nothing against the ICOs in general. But from 2018 onward, ICOs have become a weapon at the hands of scammers. They have realized that it is one of the easiest methods to skim people of their hard earned money. And until there is no other alternative to prevent such scams, I am going to support the SEC.
I understand your position of course.
If a company registers its token as a security with SEC we can all agree that it is legitimate?