Blockone came forth to submit and take the fine. there are founders who went the opposite way. Blockone knew this was coming and there are a number of things they put in place to mitigate the risk and only knock on a 24mil fine, the SEC only got them because of their advertising at consensus saying it could be directed to US investors.

Other ICO's that didn't have a product or aren't a utility token and have US investor money in the raise will be fined more, even up to double what they raised. This is more of a way to shut down projects than find ways to regulate them.

I don't see this is a way for people to raise capital via ICO, IEO or any sort of initial capital raised from public funds. Projects will now need to be self-funded or VC funded and then use a tokenized mechanism when their product is in Beta to get around it and ensure the token as a utility within the platform.

I can see plenty of ERC-20 token projects being taken out before they even had a chance now because of this rulling