As described in the SEC letter at GP's link, all of the ICOs I've seen clearly categorize as securities, and none of them seem to be registered. Selling unregistered securities to the general public is securities fraud. Although I'm sure there are a few ICOs that followed the rules, it doesn't seem like a terribly unfair generalization.
"Securities fraud" is not always fraud. The SEC and statutes can have a definition for fraud that does not conform with the real definition.
Moreover the SEC communiqué does not say almost all token sales are securities offerings. In fact the Investigative Report on the DAO lists several securities-like qualities that the DAO had that most tokens do not have.
