The rationale for regulating ICOs has nothing to do with capping profits or maximizing distribution of benefits from lawful enterprise; it's to stop bogus pump-and-dump investment scams. And pharma is intensively regulated, far more so than the finance industry is.
Bogus pump-and-dump scams suck because they hurt people. Pharma is regulated in some respects, but their profit margins aren't. This also hurts people.
