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To be fair, the market was down around that much today already. The SEC article has had little to no effect as of yet.

I also don't see it having much effect at all as all of those tokens are traded in secondary markets.

Or everybody who mattered already knew what was going to happen from their insider sources and were trading in advance of the announcement.

I would consider holders of most tokens to be "dumb money"... they did not have an inside source to the SEC release...

Is selling an unregistered security on secondary markets more legal, or just less likely to be noticed?

It looks more like the various coins have been going down all day today?

Bitcoin and others are actually up if you look at a high resolution chart: https://cryptowat.ch/bitfinex/btcusd/1m

Not really, this has nothing to do with ICOs but Bitcoin fork drama and BCC