Don't panic

This way of fundraising will live for a very long time, at least as long as there will be money and the need for projects to raise them.
The main thing is not to invest and not support shit, scam and projects that do not work for the good of the world and the ecosystem.
Yeah your right buddy, crypto industry have a high amount funds also they have a lot of spare money that they used from day to day transactions. They don't need to worries with regards to funds, because I'm sure that all coins are becoming legalize when digital eras come into the whole world.
The legalization could not be considered as the serious problem but in fact that you can see that and how ICO was offering very easy way to the developer to raised the money to developer the product.
IPO and any other crowdfunding need a lot of document and legal requirement to able create it.