Chris Concannon, the president of the well-known futures brokerage CBOE, has explained in an interview to Businessinsider that he believes that there will be a huge regulatory crackdown on the unregulated ICO market soon enough.

He claims that the crackdown on the unregistered security sales will come in 2 waves, first the SEC will go after those who participate in these (ICO) markets and then a class-action lawsuit will follow versus teams who are behind the projects that are spread via illegal security sales.

“The actual party that offered the unregistered coin, they could have been involved in issuing an unregistered security,” Concannon said. “Anyone who sold that off could be deemed an unregistered underwriter.”

There are a lot of tokens on the market, which are labeled as utility tokens, but the reality may be far off from those descriptions depending on what exact guidelines will be released by the SEC. Additionally teams who promise profit and live off hype with no actual products released after the fundraising will wind their token labeled as a security either way.

US investors rejoiced after Ethereum was deemed not a security last week, but this of course doesn’t mean that the Ethereum developers who were releasing the tokens were not actually selling securities back in the day.

According to statistics from ICOdata.io almost $5.5 billion was raised so far in 2018 and we are only at the very beginning of the second half. Considering that the total funds raised in 2017 were $6 billion we can conclude that there seems to be no fear from the market so far when it comes to regulations, but this doesn’t matter that the market won’t be shaken up sooner or later.