To issue an STO, issuers need to follow requirements under the Securities Act of 1933 and be monitored by the SEC and FinCEN. For state issuance, issuers are subject to the state's blue sky laws and state regulators. The main issue is that the federal and state governments' goals are to protect the general public and investors against fraud and ensure that the investors are informed so they can make informed investment decisions.
However, whether an STO is subject to US securities laws is very fact specific. As you can see from the preceding real cases, the SEC's analysis emphasizes the economic reality of the transaction and the way the creators of the tokens market the STO. The SEC will look at substance rather than form. A token being called a utility token will not preclude the SEC from reclassifying such a token as a security.
Other than securities...
