Most ICOs, NFTs and smart contracts are just more complicated versions of regular securities, that evade regulation simply by taking advantage of the time lag that authorities have in terms of understanding them and enforcing existing regulation.

If you look under the hood, each supposedly decentralized, non-custodial service tends to have a centralized component coordinating or in some way controlling the entire thing. For example, a platform that pegs the value of an asset on the Ethereum blockchain to the US dollar, could depend on a single server to inject information about the price of the US dollar in terms of Ethereum or smart contract tokens.