“Regulators have stepped up their oversight of the industry this year, cracking down on fundraising projects that have failed to register with the SEC. Other crypto founders have been charged as outright frauds,” according to CNBC.

The once hot market for initial coin offerings (ICOs) is also drying up to increased regulatory crackdowns.

“Over the past six months, hundreds of the ICOs have been forced to close up shop, which CoinFi CEO Timothy Tam said was a necessary shakeout for the market,” reports CNBC.

For more information on the cryptocurrency market, visit the Bitcoin category.