The SEC generally doesn't like any unregulated financial products with a track record of fraud, ICO or not. The organization's job is to protect US investors from potential fraud or overly dangerous activities. Even if you're a cryptocurrency proponent, I hope you can see why ICOs might not be safe for the general public and thus are being hammered by the SEC. There's even https://deadcoins.com/ to track all the failed/outright scam coins.
The opinion piece is actually very thoughtful and asks some good questions that go beyond the simple narrative “ICO equals scam”. At Finnovation SF today the excellent regulator panel did mention a sea change going on behind the scenes in that regulators in the US do start to be more creative than say 10, 15 years ago. One topic of course is the desire not to fall behind when it comes to technological innovation.
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