It doesn't matter whether "nobody" can issue fake coins on a particular blockchain. If anyone can issue their own ICO, that's like the banks issuing their own currency. The only difference is that, once issued, you can't stop people from transacting in it (i.e. you can't close their account, or confiscate their money).

Libertarians should be thrilled. Fractional Reserve Banking represents millions of individual decisions around the world to lend money, which does not require the Federal Government. Anarcho-Capitalists should be pressing for zero regulation and allowing anyone and their mom to issue any amount of credit money.

In the age of technology, this doesn't sound as scary as it would have been in the past, when you had to keep the relative credit of 100000 currencies in your head. For example, the Trustlines network, or Interledger protocol, or Lightning network, will allow people to transact using Trustlines between each other. VISA and other financial merchants may use Trustlines as well.

Think about VISA issuing banks, etc. They give you a credit card and they don't know how much you're going to spend on a given day. That credit line is yours. That card is not fiat so the stores don't have to accept it. But now, many do, because they believe the VISA system and the issuing bank will make good on the purchase and exchange their "VISA currency" for money. Same with PayPal, WeChat, AliPay, Venmo, etc. They all have fiat reserves.

I personally think regulation is a welcome response to the Free Banking Era and wildcat money, but either way, many communities would benefit from issuing their own currency: Detroit, Greece, etc. Bristol Dollars have Pound reserves and Bristol issues its own currency.

I think that it would be really cool if communities could issue their own currencies. Read this: https://qbix.com/blog/