I second Kevin O'Leary's opinion. It makes sense that penny stocks will go out the window when you have ICO and Token Sales which are faster, more transparent and anyone in the world can participate in. I think the big change will be how these token sales are seen. Are they utility or security tokens. I think the majority are security tokens and once they're defined as such it limited the leverage of those tokens, particularly in the US. I think it remains to be seen how it will all play out but if you look on bitterex, finance and decentralized exchanged like IDEX you see that the fire is just starting to burn. It will be interesting to see how it plays out. My opinion token sales will become Stocks 2.0