ICOs are just one more way of raising funds.
Please study the facts.
Crackdowns are coming eventually. China just the first salvo of what is coming from regulators in major nations.
Interventions to free market doesn't work ideally. The market can decide whether a project is valuable or no.
That is why we live in societies without any police and we allow the most corrupt to sell empty bags to greater fools to crash the economy is a massive Ponzi scheme that envelopes all the people in a mass mania such as the South Seas Bubble or the Tulip Bubble.
That is known as a Tragedy-of-the-Commons, because its a power vacuum that is captured by the most corrupt. Its an inefficiency in the free market from a localized temporal perspective.
Corruption was Crazy during 19th Century
Regardless of whether that form of laissez-faire capitalism is better or not, the securities regulators and laws are a reality we have to contend with.