Well you did hit it on the nose there.
These ICO are not regulated in any way. Except they can not offer them to US citizens because of the law in attributed to selling for financial gain in an offshore business hence the non-regulation in any jurisdiction.
I have no financial background but have been well informed in how ICOs work and how they operate.
I have been involved in a few since April of 2016 as an investor and have seen just how easily it is to scam with them since they are "So very new" to the ones not in the know about how crypto works.
There is alot of behind the scenes going on when it comes to ICOs
Let me tell you this much Teddifer.
Nice to get your take on this since you are experienced in money markets and know how those work.
Those same things can be transitioned into the crypto world but only with certain tweaks attributed to them. In order for them to work out with the same outcome to be expected.