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China Bans ICOs, Bitcoin Plunges

Summary

China decides to ban ICOs, choosing to punish any future ICOs and retroactively penalize any prior ICOs breaking laws

Recap on what has happened over the week

Biggest risk moving forward for cryptocurrencies is likely going to be regulatory risk

Hello followers,

Big news on the front of China regarding ICOs (initial coin offerings, akin to IPOs). Most of these are fraudulent and had nearly no regulations, plus took from more traditional routes that banks benefit from, and thus China brought down the hammer. Will this result in the SEC following suit? Time will tell. Hope you all enjoy and as usual, subscriptions / comments are always welcome (I'll answer either here or YouTube). Thank you!