Jesse from CoinList & Protocol Labs here -- completely agree that following securities regulation is an especially great idea. Unfortunately doing that correctly can be really challenging. Despite several misleading doom-and-gloom articles written today (http://fortune.com/2017/07/25/sec-says-digital-tokens-are-se...) the SEC has not said that all tokens are securities. Rather, application tokens are a promising new technology that enable all kinds of use-cases, each one unique from the next, and each having a unique 'regulation profile'. It would be very short-sighted to apply broad sweeping legislation and with this ruling, it's clear that the SEC also feels the same.

Just like mifeng mentioned, it really is a facts and circumstances determination per token. Given we had to build all of the token sale scaffolding (legal, tech, etc.) for Filecoin, it made sense to open this up to other technologists as well. Our hope with CoinList is that creators can focus on building awesome tech and expanding the valuable uses for application tokens while reducing the amount of time and resource they need to spend making sure they stay within the parameters of the law. Filecoin may be limited to accredited investors for this particular sale, but that's not to say other tokens that use the platform in the future would be required to do the same. Ultimately the decision is up to the creators, but they should be very well educated on the implications of what those choices could mean.