Personally, I hate ICOs. I feel like they're the worst possible thing for a cryptocurrency. People stop treating it like a currency and start treating it like a stock. Which, if we want to be paying 20% capital gains on every exchange, by all means keep it up. But I would rather use my crypto like a currency instead of a piece of property.
Yes, but that's only because the US government treats cryptos like property so they can get more tax from it. ICOs are only a way of raising funds for cryptos and are just like IPOs. The problem is only Bitcoin and a few of the top cryptos will ever be treated or used as currencies.
I see ICOs as the justification the US government is using to classify crypto as a currency and regulate it as such. If it were treated like a currency, we'd be having a different discussion.
Also, the US tax system needs a serious overhaul. It's WAAAAAY too complicated.