" What will happen when the SEC targets a popular ICO which made a lot of people money and which clearly is not a scam?"
Can you given an example of such an ICO?
There are many scammy ICOs so I expect we're gonna see many similar announcements in the near future from the SEC.
I would love to hear SEC's opinion on Bitconnect. I wonder if they have an active investigation on that crypto.
The problem is a political one. The SEC is no different than the IRS. It is someones pitbull unleased from a centralized cabal type of command. Disruptive tech threatens every aspect of the status quo. I expect the SEC to slowly put the hammer down and I believe they will try this with the most r/evolutionary of the ICO's that are yet to come. This first one it seems was an easy/primer target. Testing the waters...