Future of ICOs, SEC verdict, and the Howey Test

This piece details the implications of the “SEC Issues Investigative Report Concluding DAO Tokens, a Digital Asset, Were Securities” from the perspective of blockchain compliance expert Haonin Lin. The SEC report can be found in full here.
This article does not constitute legal advice and should not be exclusively relied upon by any person.
What does this report mean for ICOs?
It’s certainly a warning given to those who are try to get around US securities regulation by usi