Personal legal culpability might not apply depending on which country you’re in and the state of development of that jurisdiction’s securities regulation (and do note the link I provided to recent news about the EU advancing their regulation to harmonize with the SEC and do note China recently moving to regulate ICOs).

But note the SEC noted that even if you’re outside the USA and you offer for sale or sell illegal securities to USA citizens (even unwittingly and note the SEC wrote “Violations of Section 5 do not require scienter.”), then in their eyes you are have fallen into their jurisdiction and they can prosecute you. And given the cooperation pledged by the G20 for sharing data as of Jan. 1, 2017, it seems that the G20 will honor and aid enforcement of the SEC’s jurisdiction.

They destroy you with legalese because most people have more hubris than diligent study of every word.

Cryptocurrencies are forcing globalization and harmonization of enforcement of regulation.

I’m wary that the market conflagration due to enforcement action presumably coming from the SEC and then eventually other nations will knock the ICO-issued tokens down eventually in price and market acceptance. I predict eventually they will not be taken seriously at all. There is no way I would be buying ICOs (even if I wasn’t a USA citizen) right now with a correction in the cryptocurrency euphoria approaching after this current moonshoot, and then ICOs languishing followed by enforcement actions ongoing incessantly.

If only the G5 do enforcement actions, ICO-issued tokens are dead. Eventually enforcement from G20, and then the rest of the nations falling into harmonization as they did for FATCA. Because the USA and G5 can penalize the other nations if they do not accede to harmonization. C.f. the links I provided in my blog for more details about this.