It feels clearer to me at least. From discussions I’ve had in the community many people were expecting this. A couple of lawyers that I spoke to figured that ICOs could well be classified as securities depending on their nature. If the ICO token is a simple token then it is fine. If there is an implication of ownership or of promised future money (revenue share / dividends) then it would likely be classified as a security. This latest information from the SEC basically confirms that. The folks I spoke to basically said that if it walks and talks like a security then it is likely to be classified as one.