The real question is which cryptocurrencies can survive a net outflow. That's how bubbles suddenly collapse. Someone sold US$2.1 billion in Bitcoin on March 15th, and the price of Bitcoin dropped 10%.[1] Which is not too bad.
The SEC made most of the Initial Coin Offering industry go away by prosecuting some of the blatant frauds. The ICO backed by nonexistent diamonds and real estate was the first to go down. After a few of those, the SEC sent out letters asking ICO issuers why they thought they weren't issuing an unregulated security. A few registered. Most gave up.
The SEC has essentially grandfathered Bitcoin as pre-dating any SEC guidance on the subject, and as lacking an "issuer". Newer make-money-fast schemes get full scrutiny.
The SEC made most of the Initial Coin Offering industry go away by prosecuting some of the blatant frauds. The ICO backed by nonexistent diamonds and real estate was the first to go down. After a few of those, the SEC sent out letters asking ICO issuers why they thought they weren't issuing an unregulated security. A few registered. Most gave up.
The SEC has essentially grandfathered Bitcoin as pre-dating any SEC guidance on the subject, and as lacking an "issuer". Newer make-money-fast schemes get full scrutiny.
[1] https://www.forbes.com/sites/ninabambysheva/2021/03/15/22-bi...