In the case of ICOs, companies issue ICO tokens in exchange for cryptocurrency, which in most cases is Ether coins. The companies behind ICOs ...
source https://www.google.com/url?rct=j&sa=t&url=https://www.zdnet.com/article/judge-rules-cryptocurrency-ico-scam-case-falls-under-securities-law/&ct=ga&cd=CAIyGmM2Nzk3ODA2ZWViNjVjODI6Y29tOmVuOlVT&usg=AFQjCNE-_tWqgJnrzO7q3UTjp3dqusp43A
