Yeah, I can totally understand that. I'm usually a proponent of small government and I agree that the government would take a mile. I guess what I'm saying is that it'd be nice for some sort of ramifications in the event an ICO tanks or scams its users. Because as of right now, it's hard to prove that the company didn't try everything in their power to deliver, thus making litigation few and far between (so far, I've only heard of one or two companies being taken to court).
However, I do see what you mean in that crypto should be the wild west. It's nice being essentially a cowboy and being the master of your own destiny for the most part.
RE: The devastating effects of ICO on the Ethereum blockchain [2]