Check out this framework put out by Debevoise and Plimpton[0] and make sure you're NOT selling securities.
If your asset is a security, it won't have any liquidity because exchanges must now be licensed to be a security exchange (which doesn't exist in crypto-land yet), so there is no upside for investors. A lot of this is heavily pulled from the SEC's investigation into the DAO[1].
If you're selling a token/coin as anything else, it seems the SEC is taking these things by a case-by-case basis to determine if what type of asset class they are.
If you're looking to ICO (pre-sale and launch) use management and KYC (Know Your Customer) software[2]. It saves a ton of pain and suffering in the long run.
And as always rule number one is: Don't commit fraud.
[0] https://www.coinbase.com/legal/securities-law-framework.pdf
[1] https://www.sec.gov/litigation/investreport/34-81207.pdf