if ico intends to sell their tokens to general public, i like to see them getting regulated for clients' protection. however, if the company ico is kinda private, something like selling the tokens to its workers or customers, then it may not be regulated.
In my opinion whether it's private or not eitherway it still need some kind of regulation. You know consumer or investor protection is always better. People have tired handing over complicated requirement for merely investing meanwhile the ICO holders
could easily scam us if they want, but with regulation, that problem will be eliminated.