Last week, the SEC's case against Ripple finally came to a decision. The XRP token is not a security. That's great news for cryptocurrency in general as it means programmatic sales of tokens over exchanges are not subject to security rules in the USA.
However, Ripple, the company behind XRP sold roughly $730 million worth of XRP to institutional investors. The ruling states that these sales are subject to security laws. That's less than the $1.3 billion in sales that the SEC hoped to have classified as securities, but it's still a massive blow to Ripple.
The message is clear for cryptocurrency in the US: use decentralized, programmatic exchanges to launch your tokens. IDO > ICO.
P.S. I'm not a lawyer.