SEC crypto rules unlikely to spark new ICO boom

The SEC's framing suggests regulatory clarity remains partial, not binary. For issuers, the gray zone between security and non-security means legal risk persists even with new rules, which could temper enthusiasm despite early-round FOMO. The impact lands most on token projects and their counsel, who must navigate ambiguous classifications. Whether the market treats the gray area as a deterrent or a loophole to exploit is the key dynamic to monitor, as it will shape how much capital actually flows into new offerings.