A report from the Wall Street Journal revealed that the Securities and Exchange Commision muscled into the world of ICOs this week, slapping dozens of subpoenas and information requests on businesses and their advisors. As a result, the price of bitcoin sank over 3 percent and other major cryptocurrencies have followed.

It’s not surprising that oversight is starting. Last year $6.5 billion was raised by ICOs and the numbers aren’t slowing down in 2018. While 2017 saw ICOs for some amazing new projects, it also saw an astounding number of hacks and scams.

Dan Gallagher, a former SEC commissioner spoke of ICO fundraising at a conference in Washington last week, “we’re seeing the tip of the iceberg … there is going to be a ton of enforcement activity… [ICOs are] the freaking Wild West — it is ‘Wolf of Wall Street’ on steroids.”

While regulations by entities like the SEC are often viewed with trepidation in the crypto community, they will ultimately make markets safer and more user-friendly, despite going against the initial ethos of the decentralized movement.