I think there should be a way the industry can go about it without relying on a centralized organization like SEC, I think if DAICO concept can be implemented it will go a long way in bringing more sanity to the ICO market.
I've heard of DAICO and it was suggested by Vitalik, I think this is pretty good.
Actually there are many other ideas that are given by investors too. But if its going to be better than the current ICO system, you guys should look at the most important part and that is investing to the trustworthy ICO and people that are running the ICO. I understand the need of having no intervention with a third party / government agency.