A recent federal case in Utah, SEC vs. Traffic Monsoon, shows a potential roadmap for aggressive SEC enforcement of ICOs.  The SEC's complaint against Traffic Monsoon' alleges the company was orchestrating a Ponzi scheme by inducing individuals to purchase 'AdPacks' - a product that promises visits to a website - in exchange for a share in the company's future revenues.  The court found that Adpacks can be treat as 'securities' under U.S. law, opening the door for similar treatment of cryptocurrencies.