RAISE MONEY is the very important distinction here since Securities regulators deem anytime you are raising capital for your company, you are issuing security for your company.
I believe this is the major issue with ICO,
how do you protect investors ( who are expecting a return on investment) and have no form of security. In USA and Canada ICO/ITO have come to a standstill for this very questions. We need to address this issue with the current framework and derive a framework that satisfies everyone and is not just one sided. Otherwise many people will loose billions of dollars and this whole sector will come to an end very fast.
if you are a bank issuing bonds, etc... you need to keep % in the bank to make sure its covered.