Quick Take Selective enforcement of ICOs by the SEC has been criticized by some as creating an unpredictable regulatory enforcement regime A recent academic paper soon to be published in a law journal suggests that selective enforcement of ICOs has been a benefit to the space, made possible accompanied by private class action and state regulatory activity Also, recent FinCEN statements make it clear that stablecoins are and will be subject to BSA compliance obligations, suggesting that SEC activity that we see as a tail of ICO activity may be followed in similar measure by FinCEN regulatory activity