Posted on ZeroHedge:
In short, when you buy Bitcoin or Ethereum, you are buying into a digital currency that is predicated upon an ICO market that is totally unregulated, backed by only the white papers they publish, 'peer reviewed' on Github and Reddit -- beset upon by countless hucksters and future American Greed stars whose only interest is to get rich off the hype.
If the SEC ever decides to step in, light's out.