You can't make a blanket characterisation of token sales like that. They're not categorically scams.

Which is a lot people in this thread want regulation as opposed to a flat out ban.

We have a regulation against fraud already. New proposed regulations are about banning unvetted token sales, to preempt possible scams, which is limiting people's contracting rights when there is no evidence of a crime - only a possibility of a scam based on a generalisation.

Problem: stock booms result in massive fraud and a great deal of economic damage.

Solution: regulate the stock market.

Problem: cannot sell things we want to sell.

Solution: Derivatives.

Problem: CDOs cause massive economic damage.

Solution: don't do that.

Problem: cannot sell what we want to.

Solution: Etherium.

...

>Problem: stock booms result in massive fraud and a great deal of economic damage.

>Solution: regulate the stock market.

If people want to trade the price of a digital token into bubble territory, that's really their business. No one else is forced to buy up that token. Which governing authority will know it's a bubble anyway? It's not like it's possible to know if something is overvalued. If it were, one could reliably short every bubble and make a profit, and in fact do so so much and at such scale that their market shorting prevents bubbles from ever forming (since a short adds pressure on the sell-side).