a STO has to go through regulations exactly as a IPO does, a STO has to be traded on a ATS or through a broker thus not being allowed to freely transact in a currency like manner thus not making it a cryptocurrency.
If we want decentralized system, we should accept scam projects. Because freedom is forcing people to earn money by scamming others. So like a easier way. If we can accept this, the ICO is better. Another system with both features can be indispensable.