Unregulated ICO's and utility token pre-sales are a recipe for disaster. It is no surprise that if you allow a company to raise funds from investors without any regulation a "wild west" environment is created, they will just use advertising blitzes and create hype which is exactly what happened. The statistics are staggering, 80% of ICO's either fail or are outright fraud. Fortunately the solution is easy and the infrastructure is in place, the SEC needs to step in and require the same restrictions as that they do for other public or private offerings, have them register and structure the offering using the same regulations, required for Reg A, Reg D and Reg CF, and require SAFT compliance, doing this will weed out the bad actors and give investors more confidence.