There is little doubt that many ICO's are 'scams', and some people will get hurt financially because of it.
The challenge with regulations is, it's easy to quantify the harm they try to stop, but it's harder understand the impact they have on limiting future creation / innovation etc.
Tokens / ICO's have created a whole new, far more accessible way to fund and invest in new technology. Making it far more equal, fast, open and liquid than the traditional process.
Regulation is coming, as it should. I just hope it's done with an eye for encouraging the right type action, rather than just trying to stop the wrong.
Sure, there are problems, as with all new things. But the problems will be fixed eventually, and the legal system with be better because of it.
People doing something weird, and different and new and probably illegal, is THE way that our legal system gets better, as we learn to deal with new things, that might be bad OR good. And decide whether these illegal things should stay illegal, or become legal.
Over regulation limits innovation. We should only look to regulate when there is obvious and catastrophic harm. We can regulate after the fact, once we better understand the emerging system and the impacts it has. If potential harm is big, then it makes sense to regulate first.
The cost of regulation is harder to see then the benefits, but there is a cost.
Not to mention, do you not believe individuals have agency in this world? Why should you decide what I do with my money (assuming it harms no one)?
Who decides what harms others and what doesn't?
Huh? The history of computer science and engineering is rich with anarchy, individual projects, and unstructured contributions to the field. It might be one of its best examples.