"Regulation" isn't a one-dimensional thing.
You can simultaneously hate scam ICOs and still not want most other aspects of cryptocurrencies to be regulated. There are lots of different regulations that different people find acceptable.
You can simultaneously hate scam ICOs and still not want most other aspects of cryptocurrencies to be regulated. There are lots of different regulations that different people find acceptable.
The innovation also might also shift political attention to some drawbacks with the current regulatory regime that could use updating - for instance the rather blunt instrument of the accredited investor regime, or the custodian requirement.
And the regulators will have to deal with changes to their own incentive structures - for instance the opportunity for regulatory arbitrage.
For all the mistrust of banks and regulators in Bitcoinland, having those institutions take you seriously is what winning looks like.