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