Here is the guidance related to ICOs from SEC. If you're investing in ICOs, some valid points.

Nowadays, the ICOs (Initial coin offerings) are making many start ups take up this route for raising capital in the form of crypto currencies for the exchange of value tokens. And those who are looking for investing their little money, this could be an excellent option for getting better returns. But, be warned, ICOs are an interesting alternative, with the potential of disrupting the securities and venture capital industry.

In the traditional equity markets, you've regulations to control this, but in ICOs there are no regulations, any one can create great perception value superficially by writing white papers, showing advisors, and single page neat website, nothing may exist beneath. Be reminded of the age old saying "all that glitters is not gold".

Now there is some guidance related to ICOs from SEC, specifically for US investors, some of the points may be universal. Know what you're investing in, what are the risks, of course, there are excellent projects in this space, brilliant tech members building real breakthrough solutions, in the evolutionary process, you've to be little skeptical and have the ability to seperate the mud from the gold. Of course getting gold is not a easier process, you may have to seperate lot of unwanted mud.

Here are the ICO guidance for your reference.
https://www.investor.gov/additional-resources/news-alerts/alerts-bulletins/investor-bulletin-initial-coin-offerings

This