Any ICO as a share or pays a dividend will be classed as a security, because technically crypto isn't regulated correctly it may go under the radar, but it may not, that's the risk. The only time an ICO is not a security, and there is still disagreement about this, is when it is a buyback. I know some people launching an ICO which are $10, $100, $1,000 coins but act as bonds paying a fixed return per week via coin buybacks, first in first out, that is not a security, if it were the bond markets around the world would freeze up.