Its really going to be a dicey one because technically, its not an ICO but on the other it is an ICO because its another group of people coming to launch it. If the law says it specifically its not an ICO, then the number of forks we have seen is just about to get multiplied by 50 because developers would not want to go through the hassle of complying with all the laws considering the costs, verification and the paper works that would be involved rather they would just look for a problem an existing coin already has then solve that problem by creating another fork as simple as that.
I also don't see that surviving long term because the proponents of the law will come and review the law to accommodate such conditions in other to ensure every one do the right thing.
