The SEC and the CFTC are slowly but surely addressing the issue of ICO's and token sales. They have issued subpoenas and have broadly classified tokens as securities consistent with the Howey test. (for more see- consumer.findlaw.com/securities-law/what-is-the-howey-test )
While this shouldn't come as a surprise to anyone, it does resonate for many crypto currencies which are based upon decentralized ledger transactions. The burning question is how does a decentralized ledger and anonymous transactions comply with Anti money laundering(AML) policies and Know Your Customer (KYC) regulations.
Although these concepts of decentralization and regulation seem contrarian in nature, what is worth noting in regards of decentralization is the strength of community that supports them. Regulators at the SEC and CFTC have always relied on self-regulating organizations (SRO) in helping monitor markets. Could a community bridge the answers between regulation and decentralization. Gemini exchange and the Winklevoss brothers believe so and have recently submitted a proposal for a non profit SRO named the Virtual Commodity Association. This certainly seems like a step in the right direction as the market evolves and we add one more acronym (VCA) to the laundry list.