The amount of funds involved in the initial coin offering (ICO) in September 2018 went down to the lowest level since May 2017, according to Autonomous Research, a global research firm.
Overall, startups attracted less than $300 million as part of the ICO last month which is 90% less than the highest level of $3 billion recorded in January this year.
Perhaps, the declining interest in the ICO is entailed by a quite rigid position of the United States Securities and Exchange Commission (SEC) to this market.
The SEC’s official opinion considers that cryptocurrencies created as a result of the ICO should be regarded as securities and, therefore, fall under current disclosure requirements and investor protection laws.
Bitcoin was up 0.6% at $6621.68 on Monday, CoinDesk data showed. Ethereum added 1.3% to $229.18.
