True. But I think the "ICO" is very clearly in violation of the law. This creates a liability when they are sued by investors who lose money as a result.
Which law specifically do you think is violated?
The Securities Act of 1933, section 5(a) for one. There are others which may also pertain, but I am not a domain expert, and prefer to mention only the one which seems relatively straightforward in its application.
Is Poloniex doing anything at all with securities?
Even Bitshares and XCP aren't traded there as securities.
Nothing they sell is a share of a company, or anything like that, is there?
You are looking for a security as in a share of stock or some other traditional and specific form. That is not required.
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Key phrase: "broad array of contracts and other schemes to raise capital in a way to secure some income or profit from the use thereof"