According to
https://t.me/oneminute_crypto_news which translated the source from Sina, a Chinese media website, that in a conference held by Chinese official web media, People's Web, a famous scholar Dong Yang released that Chinese SEC is conducting the legal research to legalize the ICO and the ICO will become a legit tool of crowdfunding soon.
I agreed that Dong Yang is not a high-level official and he is a professor at Renmin University who is active in the crypto space. I think the focus of the news should be:
1. The Chinese SEC is revisiting the crowdfunding tool;
2. The so-call legit ICO may actually become a tool with heavy regulation in the cryptocurrency space.
So, please wait and see.
the problem is that this "heavy ICO" might be controlled by a corrupt authority,
or will desire a license fee costing billions, similar like the german licensing system that is designed especially for foreign billionaires.
it could be similar like "halal" claimings or "islamic banking"
although under it could also be inclusive for others.
but it poses a threat as an elite will try to establish itself specialised on those "legit icos" then fighting others, like apex predetors to protect their power and wealth.