The securities exchange commission. This is the agency that could bring down nearly every ico project in the future. This is a very pacifistic view point but I'm trying to play devils advocate. If you go off the Howie test which is the test of choice for the SEC pretty much all ICO's are securities.
I've read several articles on this exact issue. The SEC definitely had their eyes on ico projects since 2016... I held onto this link. Curious what your thoughts are
https://www.coinist.io/the-howey-test-the-sec-and-ico/