Many things are regulated via collective sense of responsibility, but what if it gets lost? It could possible harm the hole blockchain ecosystem, no?
If there would be a committee, voted by the community, that would give recommendation (based on free will of the ico issuer), would that work? Something like if I sign up my ico to this verification (

) process (service) it would run through an audit and if its passing, it would give some extra trust factor. But of course it wouldn't have any legal background, more a community driven (tested by community) badge or something...
Its all very theoretically, just a thought....