One of the biggest issue is to make a distinction of what is a legit ICO vs a pyramid scam/pure fraud.

Without a reliable source of truth, anyone can make a splashy website, add a bunch of advisors, create a catchy "kickstarter" selling point and raise millions.

The issue with regulators is that they may enforce the same kind of scrunity applied to big financial firms to legit ICO and that can stiffle startup to raise money.

My fear is that pushes the whole ICO game for only people who have the existing expertise in working around the regulatory rules; then only big players or people with big resources can play the ICO game.