I am not a lawyer, but your boss is right to be cautious.
A well-run ICO can draw in large amounts of capital, largely from smaller investors.
However, their legal status is murky. The US and Chinese regulators take a dim view of them, an even in jurisdictions where they're not currently experiencing significant regulatory pressure, you may have problems. KYC / money laundering regulations are problematic. If you're selling to novice investors, you could face mis-selling allegations, even if you avoid outright fraud charges. Your jurisdiction could tighten regulations, and now they're unregulated securities. And you may find your bank no longer wants your business.
And of course it means your business now has significant exposure to cryptocurrency market fluctuations.
This is a complex legal, financial and strategic question. The technical side of it is by far the easiest.