RE: The SEC did NOT conclude ICOs are securities
This is a quote taken directly from the document you linked. It doesn't clearly state that all ICO's are securities but it states that securities using decentralized blockchains and cryptocurrencies need to be registered. That implies that the DAO is not the only ICO they consider to be a security.
"Those who offer and sell securities in the United States must comply with the federal securities laws, including the requirement to register with the Commission or to qualify for an exemption from the registration requirements of the federal securities laws. The registration requirements are designed to provide investors with procedural protections and material information necessary to make informed investment decisions. These requirements apply to those who offer and sell securities in the United States, regardless whether the issuing entity is a traditional company or a decentralized autonomous organization, regardless whether those securities are purchased using U.S. dollars or virtual currencies, and regardless whether they are distributed in certificated form or through distributed ledger technology. In addition, any entity or person engaging in the activities of an exchange, such as bringing together the orders for securities of multiple buyers and sellers using established non-discretionary methods under which such orders interact with each other and buyers and sellers entering such orders agree upon the terms of the trade, must register as a national securities exchange or operate pursuant to an exemption from such registration."
Also, this means that any ICO token they deem as a security, will require the exchanges that list it to be registered as well.
They also said that even participating in an unregistered security offering (buy buying it) was a criminal offense that could be prosecuted. So much for American token holders. :/
Yep, it's on a case by case basis. For many ICOs, the SEC is going to have trouble asserting that the profits are generated by the entrepreneurial or managerial efforts of others. For example, in the case of Bitcoin, whose entrepreneurial or managerial efforts are creating the profits? Who are the managers? If that had a clear answer, there would never have been a scaling debate.
So DAO is a security. And others theoretically can be as well. I don't think the SEC is going to be analyzing and deeming another 1000 ICO securities or not. It took them a year to do the autopsy on DAO.
Mostly what's going to happen is ICOs are going to get some great legal advice on how to either register their security to get the bigger money or rethink their strategy to avoid being a security.
Similarly exchanges will be choosing which ICO "fork" to take and will be dealing with securities... or not. Their choice.
All these options and choices will be good for the industry IMO :-D