So you've considering an ICO of a token that may be considered a security. What are your options?
1. Reg D - sell to Accredited Investors only, fairly easy to implement, no filing. Can take a strict or self-certify approach to accreditation (most go for strict now).
2. Reg A+ - allows Accredited Investors and general public, but the public is limited on how many shares they can buy (up to 10% of net worth). Reasonable effort and filing.
3. IPO - anything else, if a security, is an IPO (without a market like the NYSE). There's significant filings and expense.
4. Not sell to the US.
Also consider that there are differing laws worldwide on what is and what is not a security and what you can sell to whom.
With all of these options, the tokens cannot be traded on a regular exchange like Bittrex or Kaken. Groups are working on exchanges for Accredited Investors, but these exchanges may not produce the value of open exchanges. There are also peer to peer exchanges - shady when it comes to equity tokens.