As a hedge fund manager who just added a token to one of our projects (to help create a resource to combat extremism naturally), I wrote up my thoughts here:

https://medium.com/ananas-blog/sec-on-icos-securities-are-se...

A general rule of tokens is that if they promise a profit they are a scam and if they promise a share of profits a security.

The closer they are to API keys the better in terms of non-securitability.

It is likely that the token usage will gradually bifurcate between those that are "property" and scarce digital assets like Bitcoin (or rarepepes) and those that are API keys.

For our charitable project we've tried to incorporate elements of both to create an interesting token economy to build a useful resource.

Hopefully there will be more of these attempts, both registered as securities and that fall outside of this classification.