Yes appears so. But this is just the start of a long process though. They go after the most fraudulent cases first, to establish juris prudence for a general model which they can then use to slap fines and penalties on all the ICOs (who will then decline to challenge in court because of the certainty they will lose):
https://www.coindesk.com/us-judge-rules-ico-frauds-fall-under-securities-law/
https://www.zdnet.com/article/judge-rules-cryptocurrency-ico-scam-case-falls-under-securities-law/
https://news.bitcoin.com/billions-of-dollars-ico-industry-is-governed-by-securities-law-judge-rules/
Here’s the friendly looking fraudster defendant:
And the judge involved:
