Based on these (I haven't read the whole report yet)
The innovative technology behind these virtual transactions does not exempt securities offerings and trading platforms
the federal securities laws apply to those who offer and sell securities in the United States
ICOs with the right structure and a clear disclaimer like "this token does not confer any rights" are safe. I totally agree with you about regulations, in any case.
RE: Are All ICOs Now Officially "Securities" According to the SEC?