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With ICOs, there is a risk that people outside of the party circles actually making enough money to question and ask for some change.

With most ICOs there is no risk that anyone other than the persons who created the ICO's will make money.

If you mean that there are plenty of ICOs that are scams operated by criminals, they yes you are probably right but regulation doesn't stop crime.

Can you actually picture in your mind a criminal preparing to do something criminal and stopping because it's actually illegal too?