I think as more money pours in, banks & governments will be forced to regulate to control their tax-income and competition.
One of the chief ways I think they should regulate ICO's would be that the funds turned into $$ or whatever the chosen currency is, would be held in a trust, similar to how we do new company start-ups, that way funds are protected and guaranteed and only released as actually needed to pay for the project. The trust would probably need to be run/owned by lawyers & accountants, but I know at the end of the day, that kind of money can also buy people like that easily.
There seems to be so many ICO's that are either totally unnecessary (i.e., they only need 5mil to complete a job, but they put a limit at something like 50mil) or the coins/tokens they produce actually aren't needed for the project itself, despite what they say...