[Thriptic]

> all the same laws are applicable and fraud is fraud

No, it's not the same when you can use pseudonyms and provide fake data with the intent of deceiving someone.

> what is more interesting is that a variety of traditional control mechanisms appear to be ineffective at stopping the two voluntary parties from interacting whereas for banking and brokerages they are sufficient.

Fraud is not two voluntary parties interacting, it's one party stealing someone's money without their consent

> but how would you even enforce a law requiring specific criteria for an ICO when an anonymous 14 year old kid anywhere in the world can do it in 20 minutes??!

Admittedly I'm not sure, but my off the cuff thought is that you seize assets and prevent cashing out. Any wallet associated with a dubious ICO could be tracked and anyone that facilitates transactions for them could be targeted. If an exchange facilitates their cashing out they will have their assets seized; if a tumbling service receives assets from those wallets they will be subject to criminal action; if a bank facilitates a cash out they will be banned from participating in the US financial system etc.

Honestly at the end of the day it doesn't really matter. At this rate ICOs will either be outright banned or anyone with half a brain will stay far away from them and the hype will die out.