CBOE Global Markets President Chris Concannon has claimed that the initial coin offering (ICO) market could soon face a two-fold regulatory “reckoning,” Business Insider reports June 19.
According to Concannon, the reckoning will come in two waves. First, the U.S. Securities and Exchange Commission (SEC) will classify ICOs as unregistered securities and the holdings of investors would be “rendered valueless.” This would subsequently cause the second wave, as a slew of class-action lawsuits are filed against the companies behind ICO projects: