Yeah, I'm not a big fan of ICO's. For every one good ICO, there are easily 20+ that are just there to ultimately steal money. It's just what's historically happened, and I'm not a big fan of anyone that wants my money.
More importantly are the questions - will the money that was in the ICO business-startup funding market find its way to a new one now? Or will the combination of the afflicted be looking to diversify outside of crypto?
Or will this be like cutting the head off a hydra, ultimately proving the legislation to be ineffective?
Regardless, I would expect that capital outflow from china will continue in some way.
I also get less and less interested with ICOs now. The way I see it, even if a project looks interesting, best to buy after they start listing the coin. It always gives good value when you buy up all the coins from the bounty and bonus dumpers. Will the money find a way? For sure. Will crypto suffer? I feel yes, but always the answer is,,, not for long.