I think the difference here would be that Angel's List and SEC rules in general provide/create/act-as gatekeepers for investment and thus can better filter outr

I think the difference here would be that Angel's List and SEC rules in general provide/create/act-as gatekeepers for investment and thus can better filter outright fraud (note: not fake it till you make it "fraud") and limit investment to those who can afford to lose money. ICOs are circumventing that and allowing outright fleecing of small time investors on an unheard of scale and velocity. Obviously a snake oil salesmen is nothing new and you would only have to watch American Greed to see small time investors getting fleeced well before ICO's ever existed.