The SEC decision really isn't about whether or not a token is a security, it's about whether the SEC could regulate it at all. The SEC would love the additional power to regulate more markets, but they don't want to look feeble by attempting to regulate the ICO market and have it just circumvent or flat out ignore their rules.
RE: Daily: Fear causes market drop, SEC to regulate ICOs?
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Daily: Fear causes market drop, SEC to regulate ICOs?