They won't remain unregulated for long. It's similar to the late 19th century markets, except the regulatory environment already exists - the SEC will go after low hanging fruit for a while to build precedent and then take down a whale, then apply all existing securities regulations to all ICO's and their advisors. That'll cut out a lot of the scammers and introduce traditional investment banks because they are licensed. The licensing process requires sponsorship, so they'll be able to push out and keep out the early players and reap the benefits.