How Do Different Jurisdictions, like the US and Switzerland, Approach ICO Regulation?

The US, through the SEC, generally applies existing securities laws, often classifying many tokens as securities via the Howey Test, leading to strict compliance requirements. Switzerland, via FINMA, has taken a more technology-neutral and principle-based approach, categorizing tokens into payment, utility, and asset (security) tokens, providing clearer guidance for issuers.

Other regions, like the EU, are developing comprehensive frameworks such as MiCA to standardize regulation.