ICOs should definitely NOT be regulated.
The massive fluctuations we see in the cryptoworld are possible only as a result of the unregulated environment ICOs and cryptocurrencies are immersed within.. regulate it and you'll get something like the stock market where the only ones who make profits are insider traders and hedge funds.
Regulators please leave our cryptos alone..
Actually, that's not the reason for the fluctuations in price. The reason behind the massive fluctuations in price is because there is no ecosystem behind it and the price is based purely on a speculative model. Nothing else. Whereas, fiat currencies, stocks, commodities have financial ecosystems behind it - be it import/ export (for currencies), a company's products/ services (for stocks) and supply/ demand and use in industry (for commodities). All of these have nothing to do with regulation. Regulation would change a few things, but definitely not that.