While I agree some of these ICOs are basically photoshop presentations with no working models, as long as there isn't any fiat capital flowing directly into an ICO then SEC shouldn't be attempting any form of regulation. Cryptocurrency is a free market experiment in self regulation. Investors should be smart enough to do due diligence on a proposal before committing any capital.

From a technical level, cryptocurrency is just data. If we all agree that some gifs are worth said value and I decide to accept unique gifs as part ownership in my startup then should this exchange also be regulated? Do you see where this is going?

Intelligence and common sense is the best protection anyone can have against scam ICOs. We don't need some government agency to "help" or provide guidelines because those guidelines end up being barriers of entry for teams that ultimately favour established businesses not decentralization.

It's ironic that citizens of a country that was built upon the mantra "no taxation without representation" are freely accepting the world wide taxation of their income, despite having no representation in those foreign lands. Furthermore, the only two countries who impose a "diaspora tax" on their citizens' wide income happen to be the USA and Africa's "North Korea" Eritrea. Ironically, the US voted for a security council resolution that condemned Eritrea's diaspora tax.

https://www.theguardian.com/global-development/2015/jun/09/eritrea-diaspora-tax-uk-investigated-metropolitan-police