decentralized,anonymous and unregulated system are the verdict why ICO proliferate. ICO are like the .COMs in the 90s soon it will burst. ICOs are crowdfunding minus the regulation. if Security and Exchange Commission controls and regulates the ICO , then it will be the end of the ICO but it destroy the integrity of being decentralized. it's up to us the investor for what we want the centralized system with security or decentralized system with higher risk. your choice !
Well you need know SEC has said they will have many rules changes ICO market in this year, so next time we will see the bubble ICO breakdown and only really project can alive. But in this time ICO will be like stock market.