"In contrast, many token offerings appear to have gone beyond this construct and are more analogous to interests in a yet-to-be-built publishing house with the authors, books and distribution networks all to come."

I am impressed with this SEC statement.

The problem right now is with ICOs that sell tokens for something that doesn't already exist yet, as well as promise returns.

Selling a token for something that doesn't exist yet is clearly a security. Whereas selling a token that already exists, and doesn't need any additional things to be built, is probably not a security.

I am glad that the SEC seems to be getting things right.