So the SEC will allow ICOs with oversight (accredited investors only, etc) but China may ban them altogether is an entire different story.
I agree many ICOs are scams but many are perfectly legit. Oversight is needed. But banning them is extreme.
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But how do you separate the legit ones from the scams? Because many of the biggest scams look and appear legit to ordinary investors. There is also a very real possibility that most ICOs will turn out to be complete scams one way or another.
The big question is this: what motivation is there for devs to actually see the project through once they get the cash upfront?
And some of these ICOs are raising more money than they would ever need. It's a pure cash grab. Just look at the Filecoin ICO of $200 million. It's pure BS. What they hell do they need $200 mil for?