I started the original and most detailed thread about this topic on BCT.
I believe any (especially publicized) ICO which exchanges something of value for the tokens paid to the controlling entity of the group effort (“enterprise”) to achieve the expected profit or gain in value of the tokens, will ultimately be classified as unregistered securities with the most likely outcome being the tokens will be seized on the centralized exchanges in the future. In other words, do not expect to raise funding from the public for unregistered tokens and not get in trouble with the SEC.
I believe if the tokens are issued by the decentralized blockchain and nothing of value is paid to a controlling entity (especially if there is no reasonable controlling entity!), then they are not securities under the Howey test.
I like the post you made about the primary value of the tokens being use value, but face the reality that no tokens have a primarily use value. Speculators are buying these for expectation of gains and everybody knows this.
The SEC recently emboldened the scammers and their accomplices with a purposely weak warning, with EU securities regulation also advancing. Note the SEC did point out that those who buy the ICO (and presumably especially those who help shill it) could also be culpable. To wax philosophical, why wouldn’t “Satan” first warn his victims to offer them free will because via their own clear free will can they be enslaved entirely. The weak must be enticed to destroy themselves by their own greed and civilization-destructive (as opposed to constructive) ethics.
Disclaimer: as always this is just for entertainment value and readers should consult an attorney.