The deciding factor will be what actual law makers do to it. ICO bros thought they were magically exempt from that boring old law stuff because 'it's on the internet' and then the last few years have been spent slowly hunting them down and mopping them up.

There comes a point where the real world butts up against someone's idealistic pet. The real world is likely to win. Maybe the deciding factor will be how decentralised they manage to get it but even then Bitcoin is pure vanilla in comparison and they may decide it's too far out to live.