Ether plunges after SEC says “dozens” of ICO investigations underway

The SEC’s decision to aggressively police cryptocurrency offerings is particularly significant for the Ethereum community because many new cryptocurrency offerings are built on top of the Ethereum platform. People creating a new token on the Ethereum blockchain need to buy ether, the currency used to pay for Ethereum transactions. So if aggressive SEC enforcement ends the Initial Coin Offering (ICO) boom—which seems to be cooling anyway—it would remove a major factor that pushed ether’s value upward during 2017.

Source: arstechnica.com