Crackdowns are coming eventually. China just the first salvo of what is coming from regulators in major nations.
Steem started dropping when the Poloniex wallet got disabled for "maintenance". That was 2 months ago, and I think when a lot of people realised they couldn't withdraw their Steem from Poloniex, they sold it for bitcoin, which they could withdraw. And the Steem price hasn't really recovered, because the wallet on Poloniex hasn't been re-opened.
It's a shame when exchanges mess with coins like that.
Thats an example of what is going to happen to all ICO issued tokens when the delistings come forth.
And STEEM is still trading on Blocktrades and Bittrex, so imagine the utter collapse towards 0 of the STEEM price if it had been delisted from every significant exchange.
Everybody going to get plenty of warnings but they will ignore the warnings of course.
China is an authoritarian communist state - they arrest people just for criticising the govt. Why on earth would foreign govts copy them? Most western govts are proud that they're not authoritarian, and in any case have legalised cryptocurrency.
Both Blocktrades and Bittrex are american and are not going to copy what some crazy communist exchanges are doing.