In my mind the market itself works this sort of thing out, like we've seen with what has happened so far. The scammers can exist even with regulation, but all regulation will do is give people the false sense of security thinking that ICOs are less risky than they really are. It's an extraordinary risk, that people should have some trepidation getting into. Pretending like risks aren't risky doesn't help anyone. the wildness of the market may see some things go wrong, but sickly and risky ventures need to fail so that strong ones can grow. Artificially "protecting" people from dumb decisions isn't helping them in the long run, as they rarely learn not to fall for scams if there's no(low) risk to falling victim to a scam.