Though the number of ICOs completed fell by more than 20% in Q1, the amount of capital raised actually increased from about $3b in Q4 to nearly $4b in Q1. However if you excluded Telegram's just-in-time ICO, funding in Q1 2018 would have only totaled about $2.2b.
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In Q1 2018, ICOs Stall As Crypto Falls
Furthermore, the SEC has shown increased interest in the activities behind ICOs. Crunchbase News previously reported that SEC chairperson Jay Clayton considers “the structures of ICOs… directly implicate the securities registration requirements and other investor protection provisions of our federal securities laws.” And while the SEC has adopted a position of “do no harm” on blockchain tech, that doesn’t mean the federal agency is afraid to charge those behind problematic ICOs. Most recently, the SEC charged and arrested Sohrab Sharm and Robert Farkas for their allegedly-fraudulent Centra Tech Inc ICO.
