Particularly with the explosion of ERC20 projects in 2017 (ERC20 standard is basically a clonable crypto-asset that makes it simple to raise funds on the Ethereum blockchain). The SECs move became all the more likely in light of Bitcoin.coms recent study showing 46% of ICO projects in 2017 have already failed. It appears ERC20 tokens made it so easy for projects to begin raising funds without any consideration for their legal needs many forwent any true debate around their technical needs as well.