[josh2600]

These are really bad ICOs (even calling them that is weird because of how bad they are). I think other ICOs aren't likely to succeed for other reasons, but I could say the same thing about most startups. I think it's obvious that an ICO is a more-entrepreneur friendly financing path when compared to really almost any other capitalization method. That doesn't mean it's the right answer, but it is obviously the path that an entrepreneur should choose right now if they can. This is because ICOs are the cheapest cost of capital of any funding source available today.

I am not good at predicting how the SEC will act, but I expect this action is a good thing over all. If people think twice before doing an ICO it feels like a step in the right direction. I do think there are some company narratives that make sense as an ICO, but maybe that's just survivorship bias. It's really too early to tell in the lifecycle of crypto.

In short, I think ICOs are the cheapest cost of capital so doing one makes sense right now. That might not always be true, which may or may not be a good thing depending upon your perspective. I think it's nice to see some action from the SEC that's clearly aligned with the interests of the public.