I think that the whole market will become more and more regulated.
That has already started with the identification steps at the exchanges.
Other things will follow, maybe it will hit the ICOs or new currencies in general.
But this is not necessarily a bad thing. A more regulated market might have a safer impression to newcomers.
Maybe through that the crypto currencies can even grow more.
of course, the state will regulate ico because they need to receive income from this, too. but how will they regulate the block technology? it's impossible.
They do not need to regulate the blockchain technology, what they just need is to talk about it with the "most knowledgeable group", agree on one thing and regulate digital currencies. There are some countries that regulate bitcoin so I dont think that it is impossible. If they ban bitcoin then we cant blame them, they want it but still people there can still invest on it.