Seems quite impossible atm to streamline upfront a legal process for a phenomenon that hasn't been an option when the laws were made. It could be different per country so in many cases a judge would make a ruling on this to interpret current legislation until laws catch up to a situation where SMT is legally described and the consequences are clear.
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In the US at least, there is some fuzziness but certain things clearly are securities. In some other places ICOs are completely banned.