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What Was the Impact of the SEC’s DAO Report on ICO Regulation?

The SEC's 2017 DAO Report was a landmark event in ICO regulation. In the report, the SEC concluded that the DAO tokens were securities and that the federal securities laws applied to their sale.

This sent a clear message to the industry that ICOs were not immune from regulation and that many of them would be subject to securities laws.

Can Established Companies Conduct ICOs?
What Are the Advantages of Regulation D Private Placements over Regulation A+?
How Are Security Tokens Regulated in Major Jurisdictions?
What Is the Howey Test and How Does It Apply to ICOs?