Following crowdfunding giant Indiegogo’s announcement that it would be launching its second initial coin offering (ICO), the company is now alerting investors that the first funding round had been cancelled and that all investors will receive a refund.

The company’s latest offering is classified as a Security Token Offering (STO) for a luxury resort in Aspen. Investors in this STO are now concerned, however, that the fundraising round may be cancelled as well, after news broke regarding the cancellation of the first fundraising round.

The first ICO was a utility token offering from the Fan-Controlled Football League (FCFL), which raised more than $5 million in December of 2017. The funds were supposedly going to be used to develop an independent football league that crowdsources team management, giving fans the ability to vote on personnel decisions, logo designs, and even play-calls. Following the fundraising round, the FCFL even struck a deal with the Amazon-owned streaming service Twitch.

Reports now indicate that Indiegogo’s token brokerage partner, MicroVentures, is cancelling the ICO, and that investors will be receiving a full refund of their investments. In the email sent to investors, the company cites regulatory concerns as the reason for cancelling the ICO, saying:

“If you have been following the crypto and ICO markets for the last 6 months you already know that the regulatory environment has been rapidly changing. The SEC has provided multiple comments regarding security and utility tokens but has not provided formal guidance or a compliant framework on how to conduct these offerings.”

The company is likely referring to actions taken by the Securities and Exchange Commission to stop the unregistered offering of securities. The email goes on to state that the FCFL did not ever receive the raised funds:

“During this time, your investment was not distributed to the company. This was done to ensure that MicroVentures navigated through the regulatory climate prior to finalizing the offering. While we believe the initial path taken was compliant, we have decided the best way to ensure compliance is to unwind the investment opportunity and return investor capital.”

It is unclear at this time whether or not Indiegogo and MicroVentures will continue offering ICOs in the future while regulations in the US remain unclear.