I've only been active in crypto for a couple months, but I've been watching the market for a couple years. The ICO's will eventually draw the governments in for the sake of consumer protection. The problem will lie in actually being able to control them. Short of blacklisting the websites there isn't much they can do about it, let alone track if you've been involved in the ICO. Even if the sites were blacklisted somehow there's always a VPN service willing to get around it.

In the end, this is a wholly uncontrolled area, and probably will be for years to come. If you are U.S. based you're already not supposed to be active in the ICO's, so on a technicality regulators can't do much.