That's why they use careful wording in how the ICO is marketed and most also budget for legal and lawyers. IF the token has a legit and meaningful use in software, which is the case for many of these ICOs, then you are in a gray area. However, due to the SEC and law in the US, you also see many recent ICOs are not allowing US citizens to participate, specially if the main use of the token is a security to rake transaction fees or split profits. However, many, like Factom, Decent, Waves, Lisk, Ethereum, etc. all have a need and legit use in their ecosystem, therefore, the primary purpose of purchasing the token is for use, regardless of price fluctuation.
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that's actually one of the craziest parts of all this, especially for blockchain startups in the U.S. if a company raises $5 million, probably half of that is earmarked for lawyers, compliance, and "regulation". and even with all that, well, I'm sure you're aware of what happened with ripple...
Link: Ripple just got slapped with a $700K fine (2015)
I think I've seen the crowdfund percentage for legal anywhere from 10%-50%, depending on use case. I think it's wise to include a large budget for this. The more they displace or impact certain businesses and sectors they will need it. Companies who are threatened may decide to launch massive lawsuits to try to bankrupt the blockchain companies. It will be interesting to watch.