Yeah I am curious about ICOs as well, but worst case scenario will be, that they have to register as a security. This would hit the market hard, but the good projects will register as a security and then can finally do what they want (paying rewards, a dividend and work to increase the value of their token with the value of their company).
If we are lucky, some future ICOs will have to register as crypto securities with different laws and already done ICOs will be treated as normal cryptos, if they have good intentions.