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They need to create new regulation, not cack-handidly apply old regs to entirely different technology

The regulation is fine. It's just that it's not always easy to predict how it will be applied since the SEC behaves in some very strange ways when it comes to ICOs.

A lack of precedent makes this the biggest challenge. New regulation would have the same problems.

Why do they? There's nothing special about an ICO, other than it's "on a computer". When it comes to the concept of investing, they're not doing anything new.

Well, tokens sold on ICO mean nothing and does not represent share of the company, or anything at all. They are just vapour.

Personally i don't think that ICOs should be banned or regulated - if anything, they are frequently done by anonymous or fake identity people and cashed out using monero, anyway.

Just explain people that they are a scam, and a crime if (unlikely) caught, just like they explained about nigerian prince scam.

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