First, PRC banned ICOs with retrospective effect. And now it is clamping down on the crypto exchanges in China. This contrasts to earlier reports that the Chinese govt will support the development and growth of block chain and crypto industry. NEO(Antshares) benefited due to that impression.
It looks like the excuse of saving investors from ICO fraud has some ulterior motive. This forceful painting of all ICOs with the same brush is clearly a deliberate act to either crash or depress the crypto markets. Contrast this action to the Malaysian govt. The Malaysian authorities have given an advisory to warn investors on ICOs. They are not taking any extreme step like total banning just because of the presence of few bad apples.
One shouldn't stop people from driving just because there are accidents. Of course, they should be warned so that they take cognizance of the risks. This is the difference between censorship versus certification.
People should also note that the govts might see cryptos as a threat because it takes out their centralized control. As the crypto markets mature, investors should be resilient to these sort of manipulation by govts and their coterie banks. The mainstreaming of crypto cannot be stopped!