It's difficult to tell until further notice.
The report urges organizations to enroll with the SEC. Now and again, if a token is not a security, but rather has a real utility, the ICO might not need to enlist with the SEC at that point, since that would not really be viewed as a "venture."
Additionally, the enrollment can give more authenticity for Blockchain organizations. The SEC has solid controls, so if the organization is enlisted, it would mean it