According to https://t.me/oneminute_crypto_news which translated the source from Sina, a Chinese media website, that in a conference held by Chinese official web media, People's Web, a famous scholar Dong Yang released that Chinese SEC is conducting the legal research to legalize the ICO and the ICO will become a legit tool of crowdfunding soon.

I agreed that Dong Yang is not a high-level official and he is a professor at Renmin University who is active in the crypto space. I think the focus of the news should be:

1. The Chinese SEC is revisiting the crowdfunding tool;
2. The so-call legit ICO may actually become a tool with heavy regulation in the cryptocurrency space.

So, please wait and see.