As ICOs themselves are unregulated crowdfunding the question is a faint. Unregulated token sales had their moment in the sun 2017. There are a variety of reasons that the token sales were or will be deemed "unregulated securities". The biggest reason is that there was or is no place to actually use the token. The "tokens" where sold for the purpose of raising funds, for the future use of something. Had these token sales (aka ICOs) followed Reward Based crowdfunding regs, they probably would not have
the issues they do today. However, as the ICOs (aka token sales) were for the purpose of raising capital and for the future delivery of a good or service, they clearly come under the rules of securities.
So "How do I think token sales based on blockchain will be impacted by continued SEC enforcement". There will always be an unregulated market for fly-by-night business ideas. Humans love deals to-good-to-be-true and preying upon the greed of each other. I think the real question you should be asking is,
"How will the end of net neutrality impact crowdfunding, as the cost of online marketing is expected to skyrocket?"