It seems the regulators never learn their lesson. China cracks down on bitcoin and it ends up going up. This is something they cannot control. Each day brings more decentralized stuff. Ultimately, the exchanges will be decentralized to the point where any country's regulation is meaningless.
ICOs can be tempered yet it seems what is done so far has amounted to nothing but become a pain in the ass for legitimate coins. The scammers will always scam.