It looks like the long-awaited torrent of ICO regulation is finally arriving. In the past week, several governments have sent conflicting signals about their stance on this paradigm-shifting method of capital allocation. In a stunning move, China unilaterally and retroactively banned all token issuance, while Canada is sending conflicting signals. Ham-fisted approaches from regulators creates confusion and a chilling effect for entrepreneurs wanting to work in the space. Going forward, it seems highly likely that the speed and scope of regulations in the blockchain space will only increase. The only question is, how effective will they be in governing a technology that is precisely designed to not be governable?