While I don't know of any that have done this, an ICO could register their offering with the SEC, i.e. go public with all that entails, or operate within the ex

While I don't know of any that have done this, an ICO could register their offering with the SEC, i.e. go public with all that entails, or operate within the exemptions from registration. I think their whole goal includes circumventing that stuff so as to lie better, which speaks to the attitudes and shadiness involved. The rules are indeed too onerous, but not only is the historical reason they came into existence still applicable, it's applicable to exactly this kind of scam.