The Coindesk research team are in my view the best on the planet at the moment. In this article they summarise the key points of an interview they had with the head of the Australian Securities and Investment Commission.
Relative to ICO’s he is reported to have said.
‘They’re a very interesting concept. An ICO is not equity – you're offering basically something that is the product of the entity that is doing the launch. You're taking a bet on getting that product early. How different is that if I go to Kickstarter and I buy something – a watch – and then I get that watch and sell it in the future? It's no different, is it?”