IMO this means that any entity offering something deemed to be a "security" will now either need to refuse US investment or will have to comply with the 1933 Securities act & 1934 investment act This essentially means that they will need to only accept "qualified investors" and will need to structure the entity with the help of lawyers to provide mountains of paperwork to sign by the investor.
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^ That is the most probable case, I agree @bitcoinsig.
Expect that most ICOs going forward will be explicit in their whitepaper about their non-security status.
This may open the door to more regulated coins with more institutional investors though, best to be optimistic, the SEC was kind in their statement about the crypto market space.