Jay Clayton's statements suggest that firms using ICOs may need to register them with the SEC; he stated in a speech on Wednesday, "I have yet to see an ICO that doesn’t have a sufficient number of hallmarks of a security."; there have been more than 160 ICOs to date which have raised over $3 billion. Source
The proper definition of cryptocurrencies has stumped US regulators, many believe it has affected development. This year could bring clarity.
Last week LendingClub closed a whole loan transaction structured as a tradable, pass-through security called a CLUB Certificate; Lend Academy reached out to LendingClub to find out more and shares what benefits this structure has for some investors. Source
In the SEC's suit against Binance, the regulator goes far beyond the "unregistered securities" take - but still lack the community's trust.