ICOs are not regulated, this whole market is not regulated, there is no law enforcing them to comply by KYC rules but 90% of them add that.
The SEC chairman has said virtually all ICOs he has seen fall under existing securities laws.
He also said that under existing law, securities transactions paid in cryptocurrency entail the same AML/KYC requirements as cash payments:
Second, brokers, dealers and other market participants that allow for payments in cryptocurrencies, allow customers to purchase cryptocurrencies on margin, or otherwise use cryptocurrencies to facilitate securities transactions should exercise particular caution, including ensuring that their cryptocurrency activities are not undermining their anti-money laundering and know-your-customer obligations.[7] As I have stated previously, these market participants should treat payments and other transactions made in cryptocurrency as if cash were being handed from one party to the other.
So, if an ICO is making its offering available to US residents, they are definitely regulated by the SEC and other US agencies. Even if they prohibit US residents, other countries (or blocs like the EU) have AML/KYC regulations too.
I think the "wild west" days where everyone thought no laws applied to cryptocurrency are pretty much over.